(Warning: Typos Intact, Not Legal Advice)

Unable to keep making payments?

Living in motor home for 7 years . Wife is on hospice.. dying from cancer and heart failure. When she passes, I may not be able to keep up the monthly payment. Can it be repossessed? It’s not worth the $5000. Still owed it?

Answer: I am sorry for your personal situation and your wife’s health problems. However, the question of whether the mobile home or motorhome can be repossessed if payments are not made has very little to do with those circumstances.

If you owe money to a creditor and the creditor has a security interest in your assets, whether it’s real estate, a motorhome, or personal property, then failing to make the payments called for in the promissory note allows the creditor to pursue the secured asset to pay back the debt. Whether or not they will actually repossess the vehicle, given its value, is a factual question that cannot be answered at this time.