If my RV is repossessed and sold for less, who owes the rest? | NC

About this video

Q: If the lender repossesses the RV and sells it for less than what’s owed, who is responsible for the remaining balance? A: In most cases, the borrower is responsible for the leftover amount after the sale—this is often called a deficiency balance. If the borrower has died, that deficiency is usually treated as a debt of the borrower’s estate, meaning the lender must pursue it as a creditor…