Repossession of RV

[newstart90]

What is the name of your state? MN
My stepdaughter's boyfriend borrowed money from a bank to buy an RV ( $80,000). He had her name added to the title, but her name is not on the loan. On the title, there is no lienholder listed. On the original loan papers, the line that would list "Security item" was left blank, but later the bank hand wrote " RV. VIN # **********".
Now, Stepdaughter and boyfriend are claiming the bank embellzelled money from his account, and they stopped making payments on the RV.
She claims that they can't repo the RV because her name is on the title, and it is her only home. I feel that it is propably considered a vehicle or a second home...
She claims that because the bank added the RV VIN # later to the documents,and that there is no lienholder listed on the title, the security interest in the RV is void.
Do they have a hope at all ? They have to go to court on the 10th, and don't even have a lawyer...
I should mention that they are very paranoid, and he has taken to carrying loaded guns around...scary...

 

[Ladynred]

Call the DMV and find out if, in fact, any lien has been properly recorded against the title. I don't know that just writing it in by some bank employee makes it valid, but DO check.

They CAN repo the RV if they are not paying for it, it doesn't matter at all if its her 'primary residence'. Homestead exemptions do NOT apply to RV's. It also doesn't mean anything that HER name is on the title, they money is owed and as far as the bank is concerned, its THEIR property to repo.

Embezzled from their bank account ?? I don't think so. Sounds to me like they got behind in the RV payments and the bank exercised its right to set-off by taking the money out of the bank account that I assume was in the same bank that holds the RV loan. There is NOTHING illegal in this, its likely spelled out in their loan papers AND spelled out in the terms for their bank account(s).

Loaded guns ?? Sounds like a jail sentence waiting to happen.