On a cash out refinance can bank take motor home if go into forclosure?

Submitted by Susan from FL - 12/08/2009 - 9:29am

We refinanced our home in 2005 for a $416,000 mortgage in order to purchase a motor home. Our home is now valued at around $320,000. Our financial circumstances have now changed, we are retired, and our 401K has lost half its value. We are considering to just walk away. Can the bank take our motor home or other assets we have?

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Comments

Submitted by susan - 12/08/2009 - 9:34am

on edit: this was an interest only ARM to reset this August 2010

Submitted by bobinspira - 12/10/2009 - 12:45am

Susan - Rarely is walking away the right answer for you or the bank. I can put you in touch with a Certified Distressed Property Expert in your area that can explain the options to you. Maybe a loan modificaiton would work, yet, if you do a short sale, you need an experienced and dedicated professional that will explain your options an assist you thru the process.

E-mail me if you want in introduction to a specialist in your area.

BOB, MBA, CDPE
bob@inspiragroup.com

Submitted by Michelle - 12/15/2009 - 4:58pm

We agree with Bob. There are tax and legal consequences in choosing to walk away from your home. Make sure you look at all of your options and the potential risks associated with your decision. Whether or not they can take your motor home may be the least of your worries. Be sure to get tax and legal advice before you make any decision. The best decision is an informed decision where you understand all potential risks and repercussions.

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