Financing -- Loans/Loan Debt
I have an RV with a current payoff amount of $135,000. I am having trouble paying for it - $1,250 per month. I can't sell it because I owe so much and don't have the title; I have asked RV consignment lot, they will only offer $60,000. I am on disability and only have social security as income, My house is paid off. I don't know if there is anyone who will refinance the RV at a lower interest rate or give me a loan on the house so I can pay off the RV. When I have asked - the issue of income is a sticking point for a loan and the bank who gave me the loan will no longer deal with RV loans. At 62 years old, I can't get a reverse mortgage. I am current on my bills and think I have good credit but the monthly payment is so high. I am in New Jersey. Any programs for people with disability or social security, why can't I get help before I default or go bankrupt. Please give me any suggestions. Thank you.
I am sorry you are having difficulties refinancing your RV. I do not know anyone who does those types of loans, but if your home is paid off you should be about to do a home mortgage to pay the RV off, assuming you want to keep it and you have enough income monthly for the new mortgage payment. I would assume your payment on the mortgage to be around $650 a month on a 30 year loan, or $814 a month on a 20 year loan. Sorry I can't be of more help with this issue, but RV loans are out of my realm of expertise.
Good luck in whatever decision your choose.... :)
Sr. Loan Officer