Homestead Motor Home In AZ

[ratrodguy]

Pain

I feel your pain. This is a beautiful 36' Country Coach Intrigue. We were going to do the same. We got stuck with two houses and couldn't sell either one. We weren't flipping, just moving. We lost all our cash and (paid-for land) elsewhere trying to do the right thing. Most costly mistake we ever made.

[Chowder]

One other thing, you may be surprised to find out what your unit is worth.

Good point. These RV sellers are closing up all over the place. OP might be able to get a new deal with the bank.

[kenshirley]

I hear you and you are not alone, believe me.
Many like us got stuck. Gas went high but that gave us a very good buy on the RV. We did not plan on traveling daily anyway so that did not affect us much.
We just had no idea the housing market would start it's downhill plunge in a matter of months shortly thereafter. Couple this with the fact that we just put a dream kitchen into our home at great expense too!
I hope you have better luck that we did but it sure does feel good not to have any bills except the Toyota Corolla we bought to tow. And our payment on the RV was only $509 but we put lots down on it to. All gone now!
That's OK though as the Toyota gets 34 MPG in town and 40 MPG on the road no problems. We just got back from a short trip and averaged 40.17 MPG just like clockwork.
And the payments and the interest rate that we reaffirmed are right too. We won't see 6.45% for a while now, that's for sure!

[Gary]

We are keeping the house because we have a 22 year old who also must live with us sometimes, and we have two dogs and we are not retired (both work) and we just haven't found a way to make just the motor home work for us much as I want to keep it. I worked all my life for it. I will be 60 in Feb, and spouse is 58. The payment on the coach is only 709 which is less then many people's cars. (Still 14 years of payments though.) We were doing a 13 and just wating about 45 days to file. Means dictated a 13 because we make good money, but then after 9 months of trying to get Indymac (now Sun West) to modify our mortgage and turning us down, we suddenly got a modification agreement in the mail which lowered our payment from 1700 to 1200 for five years at 4.25% then kept it at 5.25 thereafter. Was paying 7.5%. They tacked the missed payments on the end and no fee or penalties of any kind. So suddenly maybe we are looking a 3 years rather than five in 13. However, as of last Friday, it looks like my wife may be getting laid off, so it will have to be a 7 because I only gross 4k a month. Then to complicate it further, that same employer offered to have her do some part time bookeeping through the LLC. We are managers of the LLC not members. The LLC has never made any distributions and wouldn't start now. I think that is a seperate
post.

You would probably be better off just renting a home it would be way cheaper than paying on an upside down asset take the money you save on rent and put it away for a down payment on your next home or into a savings account or payoff your bk faster you can rent a pretty nice house for 1200 a month. Seems Like you would have to figure how much you are upside down on your existing house

[hereforinfo]

A quick google shows that there would have to be certain circumstances, such as it being permanently attached to land. Since you own another home and you actually can drive or have driven the motor home, I doubt it would fly. I found the following, which makes sense:

http://floridaassetprotection.blogs.com/alperlaw/2005/07/recreational_ve.html