Do we attend Bank's Motion for Relief

[HOMEBODY]

I filed BK and had my meeting today..I got this notice stating that Wells Fargo has scheduled a meeting for August 5 for their motion for relief so that they can continue with the sale on August 20th. I have been trying desperately to modify this loan so that I can keep it since it is a rental and the tenant is paying...but Wells Fargo has been very aggressive in trying to take this house away.

My lawyer says I would have to pay an additional $1,200 for appearance at this hearing. If they are going to take this house away, why would I pay to fight this motion?

Wells Fargo is not giving me a chance at all. I can believe this bank, I was only late 3 payments and was talking to the office of the president at Wells and things looked like it was going well and I was going to get modified..and then then served me with foreclosure notice. The lady who was helping me made it sound like I was going to get approved so I didnt make those payments thinking that they would include it in the new payment.

I will never ever do business with Wells Fargo!!

[bulletproof77]

The banks have figured out that they actually profit from a foreclosure. A lot of these "loan mods" fall through because they are really just trying to milk the last cent out of you before they take the house. Relief from stays are usually automatically granted by the BK courts, it's pretty cut and dried. "Can't pay-Can't Stay" pretty much is the BK courts philosophy. Plus, Wells does have the right to take back their property if you don't meet their terms of the mortgage. You still have time though...Nothing gets REAL serious until you get the Notice of Trust Sale..As far as never doing business again with Wells Fargo...they probably feel the same way, that's why their moving forward with the foreclosure. Not to be cruel, but we are all just numbers on a hard drive to the banks..

[ryan]

Homebody, about when did you file? I'm trying to get an idea how long you're likely to end up having the Stay last, before the sale resumes.

[HOMEBODY]

I filed June 3rd and my 341 meeting was July 2nd. The sale was originally for August
20th so now I dont know when it will resume.

I am still trying to modify and if they cant, then they can take their house back..At this point, I dont know. I have been negative about $200 each month plus additional whenever the tenants needs something fixed. Last month I had to pay $300 for plumbing because she clogged up the toilet with tampons..Now that just about did it for me and I decided I wasnt going to throw any more money. She can continue to pay the rent and I will save that money and try to make up for all the money I have lost in this house like my initial downpayment of $20,000 plus another $25,000 in lost rent since I get a new tenant every year and its vacant about 3 months each time and repairs. I kick myself everytime I think of how dumb I was to purchase this home.

[catleg]

I think if I were you, I would let them go ahead and take it.

If you tenant gets wind of the foreclosure and has any brains at all they will stop paying you rent. If you feel nice you could stop collecting rent and tell them what's up, so they can plan ahead.

The whole mod thing is a disgusting scam.

But BK let's you get out of this bad situation, take that opportunity.

[helpmeout]

She can continue to pay the rent and I will save that money and try to make up for all the money I have lost in this house

You may want to run that course of action by an attorney. Because while the bank may not come after you for any discrepancy in what it is sold for and the mortgage, it may be able to come after you for any rent you collected after you stopped paying the mortgage. And just how much notice are you planning on giving your tenant? It may take the tenant a while to find a new place. It's only fair that you give her enough time to do so.

[justbaby]

What chapter did you file? Chapter 13 or Chapter 7?