Underwater on motorhome
Posting for my mom.
She makes fantastic money, more money now than she and her former partner combined were just 6-8 years ago, but things are tighter than before. In around 2020 she bought a motorhome and currently owes $102,000. But if she could sell it, which is unlikely as the market is pretty sucky, it’s really only likely to sell for ~60,000. She’s paying $1,100 a month for the thing to sit there because taking it out is too expensive. She even considered filing for bankruptcy, but makes too much to file for chapter 7, and would have to file for chapter 13 (if I didn’t make those backwards).
Unfortunately, the same is true but to a lesser degree for her house. She bought in 2023 because her rental house wanted to bring her rent up to $2800 for a regular house. She did the math and buying was cheaper. Rent has since come down in our state a bit, and she’s paying like $2,400 a month on a house that probably isn’t worth quite what she bought it for.
She works hard and makes good money, but between the house and the motorhome, and $2,300 a paycheck going to taxes, medical insurance and medical costs, she feels like she can barely keep her head above water.
Any advice generally, but specifically on any way anyone knows to get out from under the motorhome would be well appreciated!