Buying an RV as a permanent residence...

Buying an RV as a permanent residence in California during an active Chapter 13

Posted in the Warsaw Forum

jamesonstalewski 71co

Narberth, PA

#1 Nov 21, 2013
Buying an RV as a permanent residence in California during an active Chapter 13 BK?I am currently in a Chapter 13 plan (since 4/05). I live in CA and have been a homeowner from 1998 till right before filing my Chapter 13 due to an expensive & litigious Divorce. Unfortunately, I am unable to afford a home based on real estate prices in California. I have restablished credit (below the $1000 threshold allowed) & my credit score is 600 which I've been told is very good for an active BK. In regards to taxes, I can no longer claim my kids and I've lost the homeowner's deduction, I would like to purchase an RV as a permanent residence. I have checked with an attorney and a tax advisor who both advise this is a smart move based on my income and tax bracket. The attorney advises that the Chapter 13 Trustee will, most likely, approve this purchase. My challenge is finding a lender that will lend me the money for the purchase that reports interest paid to the IRS. I am looking at a $35000 purchase including tax and fees. I have access to 401k funds for a 30% downpayment on a collateralized loan on a used RV. According to my tax advisor, interest paid on a primary residence (yes, even an RV) has no real limit, so I would be willing to pay up to 25% APR based on my finances and credit history. Any suggestions on lenders, alternative means of financing or am I just plain crazy...
litaforhan81wb

Narberth, PA

#2 Nov 21, 2013
jamesonstalewski71co wrote:
Buying an RV as a permanent residence in California during an active Chapter 13 BK?I am currently in a Chapter 13 plan (since 4/05). I live in CA and have been a homeowner from 1998 till right before filing my Chapter 13 due to an expensive & litigious Divorce. Unfortunately, I am unable to afford a home based on real estate prices in California. I have restablished credit (below the $1000 threshold allowed) & my credit score is 600 which I've been told is very good for an active BK. In regards to taxes, I can no longer claim my kids and I've lost the homeowner's deduction, I would like to purchase an RV as a permanent residence. I have checked with an attorney and a tax advisor who both advise this is a smart move based on my income and tax bracket. The attorney advises that the Chapter 13 Trustee will, most likely, approve this purchase. My challenge is finding a lender that will lend me the money for the purchase that reports interest paid to the IRS. I am looking at a $35000 purchase including tax and fees. I have access to 401k funds for a 30% downpayment on a collateralized loan on a used RV. According to my tax advisor, interest paid on a primary residence (yes, even an RV) has no real limit, so I would be willing to pay up to 25% APR based on my finances and credit history. Any suggestions on lenders, alternative means of financing or am I just plain crazy....
This site can help you finding the best option for you:@www.credit-solutions.info

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