I have 2 loans with a local credit union, one a signiture loan and the other a 1994 camper loan. The camper only had $500 left to pay on it so we decided to keep it and pay it off. It also fell within our exemptions!
Now the credit union says that the signiture loan had fine print associated with it which states that any other loans with colleteral would be up for grabs if it was defaulted on. Can this be possible. Can they take my trailer even though it falls within the exemptions? They told me I can agree to pay $3200 (the worth of the 11 year old camper?) or surrender the property. I don't understand how they can do this after filling BK. My lawyer is not returning my calls.
Including the $3200, I would end up paying $7500 for an old stinking trailer.
Now the credit union says that the signiture loan had fine print associated with it which states that any other loans with colleteral would be up for grabs if it was defaulted on. Can this be possible. Can they take my trailer even though it falls within the exemptions? They told me I can agree to pay $3200 (the worth of the 11 year old camper?) or surrender the property. I don't understand how they can do this after filling BK. My lawyer is not returning my calls.
Including the $3200, I would end up paying $7500 for an old stinking trailer.
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