An RV is a “recreational vehicle” that can be financed through Bank of America. Consider the responsibilities financing can impose on you before proceeding with the financing. The consequences can be detrimental to your credit score if you fail to uphold your obligations to Bank of America.
If you have financed an RV through Bank of America and fail to make the payments according to the loan agreement. Bank of America may seek to foreclose on the RV to recuperate any losses, this will inadvertently reduce your credit score.
Foreclosure is the legal process by which the Bank of America can seize the RV if the consumer is unable to meet their repayment obligations and sell it in order to satisfy the outstanding debt. Foreclosures will remain on your credit report for 7 years before being removed.
This will drastically impact your credit score and the financial options you can obtain, including:
If the bank has initiated foreclosure against your RV you might be able to delay or stop the foreclosure process. You can consider filing a lawsuit, applying for a loan modification, or declaring bankruptcy. These are some of the more aggressive responses.
If you are unable to pay the RV obligations, adding attorney fees would only add to your financial strain. Loan modifications will only serve to delay the foreclosure process and bankruptcy will remain on your credit report for 7-10 years.
Consider consulting a credit repair specialist in this type of situation. Companies like Credit Glory can help you weigh your available options to protect your credit score and advise you on obtaining the best possible score available to you.
If you have failed to meet your RV loan obligations for several billing cycles, Bank of America is likely to initiate foreclosure proceedings to satisfy the loan amount. If this occurs your credit score will be negatively affected and you will lose your RV. Consider the assistance of credit repair specialists, like Credit Sage to help you navigate this credit nightmare and get you on track to the best possible credit score available to you.
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