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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... In addition I have a free place to park. Includes all utilities free. Does anyone know any 'alternative' finance companies that report interest to the IRS? APR does not matter up to 25%. Based on my income and tax bracket this the best situation for me. Sorry you're going through this issue. Your question caught my attention because I actually lived in an RV while going to college and living in South Orange County. |
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