What happens if an estate owes more on an RV than it is worth? | NC

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Q: What happens if an estate owes more on an RV loan than the RV is worth when the lender takes it back? A: Usually, the lender can sell the recreational vehicle and apply that money to the loan. If there is still a balance left, that unpaid amount is usually a deficiency claim against the estate — not a personal debt of the heirs just because they inherit. The lender must properly file its…