Can I be sued if I voluntarily let my motor home go to the bank that we have it financed with?
Answers:
they will auction it off. whatever it brings, you will still be legally responsible for the rest.
Yeah! It's called repossession. The bank can take it or you can "voluntarily" give it back. Either way YOU are responsible to pay of the remainder of the balance owed. It will affect your credit and the bank can take you to court for the money. It was set up that way to stop people from getting vehicles/homes etc and using them for a little while and "voluntarily" giving them back. That's called a lease...lol...If you give the home back, you will still have to pay for it. I just had to make that decision with my truck .decided to pay it off instead of trading it in and getting the remainder balance put on a cheaper vehicle.
good luck
You will still owe the bank for the cost of the motor home, you just won't have possession over it anymore. Any if they are able to sell it you will be responsible for the price difference (if any) between what you owe and what it was sold for. They can also garnishee your wages and bank accounts if they want to. It is best to pay your bills and if you don't want the motor home, I suggest selling it to someone else.
Although you do owe the balance left after the sale of the property, the legal procedure that will follow: Civil Suit if not contested they will put a Judgement on your properties still owned. Meaning if you sell anything ie: land , house, vehicle they will get the money and of course you get bad credit.
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