What to do next notify bank, or just leave the house? Post 341 hearing.

[filingsoon]

We're totally confused, boyfriend had 341 on May 3rd, trustee filed that he passed the means test (GREAT!) and no assets. But do we need to notify Wells that he is surrendering the house as he filed on his Statement of Intentions? He's planning to move on June 3rd, since he not sure if he can stay longer than that. If he could that would be great but if not he can move.

He lives in Oregon and he filed his BK two days before they were going to have the Sheriff's sale so he's really probably overstayed his welcome with Wells Fargo already, but how long do they let you stay post 341? Does he have until the discharge?

After doing all the research, I still have no idea how to approach the bank about cash for keys, does he just call them? If anyone could relay their past experiences it would be great.

[debee]

WF will know your boyfriend's intention to surrender from his bankruptcy petition so no need to call them about that. When he filed, an automatic stay went into effect which prevents any further collection activity from his creditors. In order for the bank to proceed with the foreclosure proceedings, they will need to file a motion to lift the automatic stay. If they don't file this motion, the stay will also lift when the trustee abandons the property and/or discharge.

I think he's got at least a month once they lift the stay and set the sale date because they have to publish the sale date for 4 consecutive weeks before they auction the house & the last notice has to be published at least 20 days ahead of the sale. So that's 4x7+20= 48 days. (This is presuming they are foreclosing by deed of trust and not the judicial method). You can look over some of the foreclosure timeline stuff here.

I'm not too familiar with cash for keys. All the arrangements I've heard of had the lender approaching the homeowner. Maybe search the forum for "cash for keys" if noone responds with suggestions.

Good luck.