Ok, Thinkin of letting everything go in regards to my truck and RV that I am currently payin for and current. My thoughts are too turn these two items back to the Credit Union that owns them. I am also payin a 2nd mortage with the same Credit Union. I want to continue to pay this. My question is: What if anything can happen when I default on the truck and RV loan? Can the Credit Union pile on the debt to my 2nd Mortgage or something to that effect?
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Some credit unions have a cross-collateralization agreement in the fine print. This means they will take any avaiable funds that are deposited or available in your credit union account to pay those defaulted loans. So what I am getting at here is if you pay your mortgage from funds that are deposited into your credit union account, stop that direct deposit before you default or they will take that money and pay on your loans and then you would not have any money to pay mortgage.
Just something to be aware of as I defaulted on a loan at my credit union and they took the $50 in my account to pay part of the overdue amount. I was about 60 days late before they took it. -
Most credit unions have cross collateralization agreements and may apply any funds you have in an account with them to the defaulted loan. But they will not add the amount of the RV loan to your mortgage.You can't take a picture of this. It's already gone. ~~Nate, Six Feet UnderComment
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Ditto this. If you have checking or savings accounts at this Credit Union you need to pull your money out first.Originally posted by backtoschool View Post4/09 Converted to a Ch 7 due to loss in dh's income
5/09 UST now involved no idea what happens next
7/09 UST has decided to withdraw his motion to dismiss!
7/27/09 DISCHARGED!!!
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Thanks! It is as yall say! On to a new Bank and a new account!Comment
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