Can they repo RV if it is primary residence?

1. Can my RV be repossessed if I live in it?
2. Can an RV be considered a primary residence?
3. What happens if you default on a RV loan?
4. What address do you use if you live in an RV?
5. What happens if I let my RV get repossessed?
6. How do I make my RV primary residence?
7. Is an RV considered a single family home?
8. Do you still owe after a repossession?
9. How many points does repossession drop your credit score?
10. Can you negotiate a repossession?
11. Is living in an RV considered homeless?
12. How do taxes work if you live in an RV?
13. Is there a cooling off period when buying an RV?
14. How do I get out of an upside down RV loan?
15. Do RV dealers take trade ins?

Can my RV be repossessed if I live in it?

2 attorney answers

No, the fact that you live in personal property footess not change it into real property, meaning the lender can still just repo it. If you want to save the RV, file a ch13 bankruptcy and use an experienced local bankruptcy attorney to do so...

Can an RV be considered a primary residence?

Declaring your main home

The main home must be the one where you ordinarily live most of the year. This can be a boat or RV even if the boat or vehicle doesn't have a permanent location. As long as it contains the required facilities, you can claim it as your main home on your taxes.

What happens if you default on a RV loan?

Defaulting on an RV loan can lead to repossession, or worse, you could be sued for the balance of the debt. If you find yourself upside down with an RV or vehicle loan, or are simply carrying too much debt, you can obtain true RV debt forgiveness through an attorney negotiated debt settlement.

What address do you use if you live in an RV?

You need a permanent address for all that legal stuff like driver's license, banking accounts, vehicle registration, passport, insurance, credit cards, filing your taxes and all those other things that require an actual address be attached.

What happens if I let my RV get repossessed?

If you simply stop payments, they will eventually get the message and repossess the RV (sometimes lenders take a bit longer to repossess an RV than a car). After it is repossessed, the RV will be placed for auction or other type of sale. Normally, it will be sold for less than the sum owed.

How do I make my RV primary residence?

In order to claim your RV, all you have to do is tell the lender you're getting financing from that you want the RV to be your primary residence and they'll add it into the paperwork. According to the IRS, legal tax-paying citizens can only claim one place as their primary residence at any given time.

Is an RV considered a single family home?

You most definitely can claim your RV (or houseboat or any other structure that qualifies) as a primary residence, and here's how.

Do you still owe after a repossession?

If your car or other property is repossessed, you might still owe the lender money on the contract. The amount you owe is called the "deficiency" or "deficiency balance."

How many points does repossession drop your credit score?

A repossession is going to drop your credit score between 50 to 150 points. The repo will stay on your credit report for 7 years. If you speak with the lender, in some cases they will negotiate a deal that does not include your credit being damaged.

Can you negotiate a repossession?

Lenders are more likely to negotiate if you are up front about your situation and contact them as early as possible. Otherwise they may suspect that you are trying to defraud them. Repossessing a car is a last resort for lenders and often loses them money so they are normally willing to negotiate.

Is living in an RV considered homeless?

If you are living in an RV, you are not considered homeless as long as your motorhome has running water (aka access to the bathroom, toilet) cooking facilities (oven/ microwave/fridge) and sleeping space. You can claim your RV as your primary residence in almost any state in the US.

How do taxes work if you live in an RV?

If you are full-time in your RV and itemize your deductions, you can claim your RV as your home, meaning all interest paid throughout the year is deductible. Even if you only live in your RV sometimes, you may be able to claim it as a second home, so be sure to look into this before dismissing the write-off entirely.

Is there a cooling off period when buying an RV?

California law does not provide for a “cooling-off” or other cancellation period for vehicle lease or purchase contracts. ... After you sign a motor vehicle purchase or lease contract, it may only be canceled with the agreement of the seller or lessor or for legal cause, such as fraud.

How do I get out of an upside down RV loan?

If you find that you want or need to sell your recreational vehicle but your loan on it is upside down the only realistic way you'll be able to get rid of it is to either pay off the loan for cash you already have or take a new loan that will cover the difference between what you owe and the amount of money you'll get ...

Do RV dealers take trade ins?

You're a veteran of the campground, but you're ready to upgrade your beloved family RV for a newer model. Many RVers find themselves asking, “can I trade in my old RV?” The answer is: yes!