RV Foreclosures: Not Immune from the Crunch

RV Foreclosures: Not Immune from the Crunch by David Faulkner

The RV has long been a common sight on US highways during the summertime, as families head out to enjoy their vacation adventures while bringing all the comforts of home along.

But RVs have now become year-long residences for many retired Baby Boomers, who are spending their days seeing all the parts of America that they missed during their family-raising years. The recreational vehicle, transportation, lodging, and restaurant, all in a single comfortable package, is more popular than ever. There are those for whom the RV has become the primary residence, and they simply move from RV park to RV park throughout the year.

And as with all high-end items, the greater the number of RVs sold each year, the greater the number of RV foreclosures there will be.

The Range of RVs

RVs come equipped with sleeping berths--even full-sized beds, kitchens with refrigerators, sinks, and stoves, eating areas, bathrooms with showers, and televisions. The deluxe RVs even offer satellite access, Internet hookups, and bedrooms separate from their living areas.

They are priced to fit every budget; collapsible campers will sell for as little as $7000, truck campers for around $13,000; travel trailers begin at $17,000; and motor homes at $65,000. But fully-equipped luxury, can sell for more than $150,000.

True RVs come in two varieties; there are trailers which attach to motor vehicles for towing, and there are drivable mobile home RVs categorized as B, B, or C class according to their sizes and chassis. And, because there are an estimated eight million RV owners in the US today, and that large number guarantees that there will also be RV foreclosures.

Why RV Foreclosures Are Climbing

Most RVs are significant investments, so, just like houses, they are usually financed with loans. And their owners, if they do not maintain their RV payments, are therefore subject to RV foreclosure. As having an RV has, in recent years, become something of a status symbol, many people who not have otherwise cared would about them are becoming RV owners. Overeager lenders, rising interest rates, and soaring gas prices have meant that many of those people can neither afford to use their RVs nor stay current on their RV payments. The increase in RV foreclosures mirrors that in the real estate market.

And the RV foreclosures procedure also mirrors that of real estate foreclosures. The RV’s owner will be given a period of time in which to find someone to assume the payments on the RV. But there are many RV foreclosures for which the owners cannot find other buyers, and these RV foreclosures end with the lenders selling the RVs at auction.

You can also find more info on Countrywide Foreclosures and Fannie Mae Foreclosures. Foreclosureshomeguide.com is a comprehensive resource to get help about property Foreclosures.

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