Is this normal???

[memama]

I'm putting the name of the bank our mortgage is with on here because I feel it will help add to the discussion...Mods feel free to edit if it's inappropriate.

We've surrendered the home in the bankruptcy, our mortgage is through Wells Fargo. We received a call from our attorney almost right after our 341 that the automatic stay was lifted, then received a confirmation letter last week that the automatic stay was lifted. Yeah...that's nice, but I really don't care. Maybe I should, but I don't. After getting our tax statement showing our home assessed at $145k when we owe $232k I'm like "Oh please please please take the house back quickly"!

Other than that...we have received NO COMMUNICATION from Wells Fargo, and neither has our attorney's office. I'm getting anxious...we're going to be out of here by the end of June. Of course our attorney will change our address with the courts, and our 60 day period should be July 23rd.

Is it normal to not have any communication from Wells Fargo? I'm an impatient person when it comes to this house, I just wanna be done! I guess I was expecting letters or phone calls trying to explain what their plan is or find out what our plan is...

Also, has anyone else found that a quit-claim deed is a viable option here? That's what our attorney is suggesting, and I don't want to mess with a Deed-in-Lieu because the banks can be really picky and require a lot of things from us which I just don't care to do...but I heard that they don't have to "accept" a quit-claim deed.

[Pandora]

Also, has anyone else found that a quit-claim deed is a viable option here? That's what our attorney is suggesting, and I don't want to mess with a Deed-in-Lieu because the banks can be really picky and require a lot of things from us which I just don't care to do...but I heard that they don't have to "accept" a quit-claim deed.

Quit Claiming does not remove your responsibility to the lender - if your attorney is saying it does - then he's very misinformed; perhaps he meant Deed-In-Lieu. You can search the forum for topics on Quit Claiming - but here is something to get you started as to what it does and does not do:

http://www.bkforum.com/showthread.php?63036-Quit-Claiming-Property-What-it-DOES-and-DOES-NOT-do&highlight=quit+claim

As to worrying about the other issue - sometimes no news is good news Dont worry yourself to death over nothing - even if the bank forecloses due to the stay being lifted, it can be years before they decide to transfer the title from your name to theirs. You cant force them unfortunately.

[memama]

Thank you Pandora for providing that link.

I have no idea what to do. We want to be done with this place, we're moving before our 60 days are even up...it is of no benefit to us to stay here.

I have been tossing around the idea of calling the bank (although I don't even know who I would call) and letting them know our situation. They already know we're surrendering the property, but maybe they can just tell us what to do? I think the likelihood of a DIL is slim to none just because it sounds like it never works out with WF.

I'm nervous about leaving the property vacant...

[mlsj2009]

The benefit of staying in your home during the foreclosure process is that you can live rent free. That will give you some time to save for the more important things like lawyer fees and bankruptcy court filing fees. Don't know the timeline on Idaho foreclosures, but Padora has a point.
You own the house until your name is removed from the title and don't have to get out until the foreclosure process removing your name or names is concluded. Quit Claim Deeds and Deeds in Lieu of are very hard to get. There is nothing in it for the lender to cooperate, and you will need their cooperation for either.
If your emotions are running so high you cannot do that which is practical, like staying in the home another day, the rent you will be paying elsewhere may eventually solve the emotional situation. Seems like finances has a way of bringing us down to earth, but good luck in what you decide.

Thank you Pandora for providing that link.

I have no idea what to do. We want to be done with this place, we're moving before our 60 days are even up...it is of no benefit to us to stay here.

I have been tossing around the idea of calling the bank (although I don't even know who I would call) and letting them know our situation. They already know we're surrendering the property, but maybe they can just tell us what to do? I think the likelihood of a DIL is slim to none just because it sounds like it never works out with WF.

I'm nervous about leaving the property vacant...

[memama]

mlsj2009,
I wish I had known that 6 months ago, but it wasn't until we actually filed that we figured out we could have been living here pretty much for free, waiting for them to foreclose.
We've already filed, had our 341 meeting, and are just sitting twiddling our thumbs for them to do something. Since we surrendered, I guess I expected some sort of communication from WF.

But we have to move, and the reason is because my husband has been working in Montana since January and we are going to move our whole family there at the end of June. I'm tired of playing the role of single-mom-of-four...we need to be reunited as a family because this whole being by myself thing is for the birds!

I'm so unclear on so many details that I desperately want to receive something from WF telling us what to expect. Or something from ANYONE, for that matter! We have some good friends whom we trust that have wanted to rent from us, and we were thinking that we would let them stay here rent-free until the foreclosure is finished, but we really have no idea if we can even do that. I think I was reading somewhere that as long as our case is still open, the house is technically the trustee's and we cannot have someone else occupying the home? That doesn't make sense to me, but when we move out we'll still have another month until the 60 day mark...We need someone to take care of the place. I also don't know if we have to notify the bank that someone else is living here, or what the deal is.

[mlsj2009]

memamma, foreclosure is a process. you own the home until the process is complete. You have notified the bankruptcy court you are surrendering the home, but transfer of title out of your name is everything. So, you have told the bk court that you intend on giving up the home. That simply states your intention, but for it to be completely legal, title transfer has to occur or some type of court judgement taking away your title rights, like the foreclosure process.
Normally, you will know when the foreclosure process is completed because you have to be notified throughout the process at varying times. You will be notified by the lender when they have full title and will THEN be told of sheriff's auction and will be given an eviction notice. That will also provide you with some time before you have to be out of the property.
I am not a lawyer, so if you have legal questions you need advice on, you will need to contact the appropriate lawyer. Idaho foreclosure laws may also be different in their notification process than I am suggesting here. This is just a general observation by me on what I have researched about the process.
As to you having people stay in your home until the process concludes, unless you have been a notification by the lender they now have title, I would think it would be yours to do as you please. Liability insurance becomes a problem for you, though. I would keep liability insurance on the property until title transfers if I was in that situation, and I wanted my relatives or anyone else to come on and use the property. That is just me and my opinion, not intended to be advice on what you should do.
I do understand about your need to move now that you explained. The bankruptcy should discharge any financial responsibility to the house, but the foreclosure process may exceed the time of the bankruptcy discharge and there are remote chances for liability problems if the situations were ever to rise. Some on this forum may speak up on what they did in a similar situation.
Hope this helps a little. good luck in your new move and new financial life.

mlsj2009,
I wish I had known that 6 months ago, but it wasn't until we actually filed that we figured out we could have been living here pretty much for free, waiting for them to foreclose.
We've already filed, had our 341 meeting, and are just sitting twiddling our thumbs for them to do something. Since we surrendered, I guess I expected some sort of communication from WF.

But we have to move, and the reason is because my husband has been working in Montana since January and we are going to move our whole family there at the end of June. I'm tired of playing the role of single-mom-of-four...we need to be reunited as a family because this whole being by myself thing is for the birds!

I'm so unclear on so many details that I desperately want to receive something from WF telling us what to expect. Or something from ANYONE, for that matter! We have some good friends whom we trust that have wanted to rent from us, and we were thinking that we would let them stay here rent-free until the foreclosure is finished, but we really have no idea if we can even do that. I think I was reading somewhere that as long as our case is still open, the house is technically the trustee's and we cannot have someone else occupying the home? That doesn't make sense to me, but when we move out we'll still have another month until the 60 day mark...We need someone to take care of the place. I also don't know if we have to notify the bank that someone else is living here, or what the deal is.

[memama]

Alright...
So we have a friend that is in need of housing. We'd like him to live here *rent free* as a "caretaker" while we're living in Montana. The question I have is, could we get in trouble given that we haven't received a discharge yet? I don't know why I'm worried about this, but it's something I figure I might ask here. When I initially pitched the idea to my lawyer, they were like "Why don't you just drop the keys off at the mortgage office and tell them it's their problem?"

Uh...'scuse me? I still have to carry insurance and make sure that HOA or county ordinances or codes are not violated! I need someone to take care of the place before the foreclosure happens!

We're not collecting rent but I'm not sure if I have to notify somebody (the mortgage company, the attorney, the trustee???)

[rikimaroo]

Not receiving the discharge and leaving your home are two completely different things. The discharge will relieve you of any responsibility to the DEBT. It does not relieve your responsibility of the property as title has not been transferred to the Bank. The foreclosure must be completed for you to be protected from liability if someone gets injured on your property. You are also responsible for the maintenance.

You don't have to pay the taxes/insurance as the bank will pick these up.

You want to make sure that your lawyer states you qualify for the bankruptcy because if you don't your going to end up with the debt responsibility and the bank coming after you with wage garnishment and such. Are you cleared for getting the bankruptcy? Is it Chapter 7 or 13?

And yes it is completely normal to not hear from the banks.

[memama]

It's chapter 7, and we had our 341 meeting back in May, so we're in the process already We never missed a payment until the month before we filed.