motion for stay on rental home wells fargo

[momisery]

We have a rental home in GA that is vacant. today we got a motion for a stay on that home in the mail. Our meeting is on the 27th for the 341 hearing. Will they do something prior to the 27th or will that happen on the same date? We are surrendering the place and our own home. The only assets we have are a couple cars and the appraiser the trustee sent out said they were maybe worth 6200.00 total. Will BOA file for a motion too in Missouri on the place where we live? I assumed we would have a while before we would get any motions? What exactly are they doing? Are they trying to take the property before the BK? I looked on a cyber site for housing in that area and one says the place is worth about what we owe, the other says it is worth about 20,000.00 less. Our home is worth about 5 to 10,000.00 less than what we owe.

We figure it will be a long time before prices come around, hubbys job is a nonperformer and his health is not good. So, we are better off to not own anything worth taking right now. The bk will wipe out the credit cards, the houses and medical debt at this point. From there who knows.

Thanks for your advice.

[FreshStart01]

momisery

We are also surrendering our home in Ga. thats with Wells Fargo.They also filed to Lift the Stay on us about 2 weeks before our 341 meeting which was on 9/10.The only thing they've done since then was send us paper work asking if we wanted to do a loan modification.(which we don't).According to our attorney they had to get the Stay lifted before they can proceed with the foreclosure procedure.

[justbroke]

The Motion For Relief from the Automatic Stay (MFRS) should have a date on it. It has absolutely nothing to do with your 341 Meeting. Until that period elapses, the date on the MFRS, or the hearing has passed (should be stated on the MFRS), then you still own the property. As a matter of fact, even after the MFRS, you still own the place unless and until the lender actually file a foreclosure action, wins, and then proceeds to foreclose upon the property.

Many of the lenders ask for the MFRS just to get that out of the way, and so that they can actually communicate with you... such as offer a modification, forbearance or other method to get your current.

The MFRS is a technicality that most lenders like to get out of the way. If they don't submit one, they may need to wait many months in order to get their property back. Again, even if they are successful with the MFRS, they still need to follow underlying State non-Bankruptcy law in order to foreclose. Whether that means you have 60 days or 12 months... depends on what State you live in, and what type of process they use (judicial versus power-of sale (non-judicial)).

[momisery]

We do not live in the house any longer and it is vacant. I guess the funny part is we had it sold, but it would have been a short sale. But when we got the motion we noticed that this year it is worth 17,000.00 less than what we had a short sale offer at. But wells dragged their feet losing our paperwork 3 times and the then the realtors about 3 times until the buyer just walked they were so fed up. We then offered a deed in lieu hoping we would not have to file a BK if we could get WF off our backs. But they refused that too, never told us so. When we called they said they were working on a DIL. Suddenly we get a letter from their atty that they are working on the case and we will not be financiallly responsbile to WF for a thing. The next letter in about a week was that they were turning us over for collection. I work at a bank, and I don't want a garnishment, so we started looking for our own atty. I hope WF mgmt rots in you know where...