Best way to handle getting rid of a travel trailer we can no longer afford?

Asked about 5 years ago - Redlands, CA

I live in CA and own a travel trailer. I owe way more on it than it's worth, so I cannot sell it. I would like to get rid of it with the least effect on my credit. My payments are up-to-date and I have tried contacting the bank twice now for options, with no luck. Is it better to just turn it back over to the bank? Fall behind on payments and let it be reposessed? My biggest concern is tax consequences, not credit score.

Attorney answers (1)

  1. Steven Alan Fink

    Contributor Level 20

    Answered . Try to sell it, even at a slight loss.

    The response given is not intended to create, nor does it create an ongoing duty to respond to questions. The response does not form an attorney-client relationship, nor is it intended to be anything other than the educated opinion of the author. It should not be relied upon as legal advice. The response given is based upon the limited facts provided by the person asking the question. To the extent additional or different facts exist, the response might possibly change.

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