Had the 341 meeting..have a few questions.

[rachellang92]

Hello there. I have been reading lots of posts and I think it is great there is so much support here! I had my 341 mtg. this morning..all went smoothly and it was VERY brief (like 5 minutes..). I didn't however get to ask my attorney questions during because he had other clients in there and getting him on the phone is like a nightmare. Here are my questions..

1. We live in Texas. We are surrendering the house back to the bank. I got a notice that on the 25th Wells Fargo is going to appear in court for Motion for Relief from the Stay. Does anyone have experience with this, and if so, do you know approx. how long legally we have to stay in the residence? I am just trying to get up enough money for deposits and first month's rent and such but I live in a high cost area of living so it is a bit more difficult.

2. We had a consolodation loan with Citibank for 11thousand. They used our 1998 Jeep Cherokee for collateral (it is worth about 2000.00 if that). We have heard nothing from them, and are just wondering do they just come get it or how does that work?

Thanks in advance

[kw1025]

I can tell you about the motion for relief from stay. You must have put on your filing that you are surrendering the property. All Wells wants to do is be able to move forward taking the property back since you said you don't want it anyway. This is very routine, but it is a process. They have to request the motion, get the judge to say ok, then it will be months maybe 3 or more, before they have a sale date. keeping checking with wells on the sale date once you find out that their motion for relief was granted.

[nerves]

We used our truck as collateral for our business loan and the bank is biting at the bit because they can't have possession of it until the automatic stay is lifted. As soon as the stay is lifted, we will have to turn it over to the bank or finance it. On the other hand, my husband also used a life insurance policy as collateral. Our attorney put it as exempt property in our filing and nothing has been mentioned about it since. It would probably be best to speak to your attorney and see if you can exempt it. Let me know what he/she comes up with. I am interested in knowing how this works out for you. Good luck!