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Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Bankruptcy Law
Satisfied Customers: 12512
Experience:  B.A.; M.B.A.; J.D.
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I surrender my primary resident in BK Chapt 13 because I am

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I surrender my primary resident in BK Chapt 13 because I am under water by 200K WF refused to modify loan. WF initally filed to lift the STAY and then filed a Withdrawal. My plan was confirmed 6 months ago. My Trustee is paying WF $250 a month for 5 years (payment in the rears). I have not heard from WF on when I need to be out of the home I surrendered. No foreclosure proceeding in progress. However, I don't want to come home to find the locks changed by WF. I live in Maryland. Will they foreclose or can they just change the locks at any given time because I surrendered the house. I did get one message from WF stating they are the servicer of the loan but do not hold the Note. It is a VA loan...I talk to VA and they say talk to WF. BotXXXXX XXXXXne when do I have to vacate the premises?
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  Phillips Esq. replied 1 year ago.

Thank you for giving me the opportunity to assist you. Kindly use CONTINUE or REPLY button to ask for clarification or follow-up questions.

Question: I surrender my primary resident in BK Chapt 13 because I am under water by 200K WF refused to modify loan. WF initally filed to lift the STAY and then filed a Withdrawal. My plan was confirmed 6 months ago. My Trustee is paying WF $250 a month for 5 years (payment in the rears). I have not heard from WF on when I need to be out of the home I surrendered. No foreclosure proceeding in progress. However, I don't want to come home to find the locks changed by WF. I live in Maryland. Will they foreclose or can they just change the locks at any given time because I surrendered the house. I did get one message from WF stating they are the servicer of the loan but do not hold the Note. It is a VA loan...I talk to VA and they say talk to WF. BotXXXXX XXXXXne when do I have to vacate the premises?

 

 

Response: I am not sure why WF withdrew the Motion for Relief from the Automatic Stay because they would still the permission of the bankruptcy Court to foreclose. So, the Motion is still necessary eventhough you have surrendered the property. No, you cannot be locked out one day without notice. Notice of foreclosure sale must be given to you so that you can plan your move.

 

 

Maryland foreclosure procedure is governed by Maryland Real Prop Code Sections 7-105 through 7-105.10; Maryland Rules 14-201 through 14-209, 14-305 through 14-306. Once foreclosure sale is ratified and approved by the Court, that entitles the lender/new owner immediate possession of the property. You can be evicted after that at any time. Click on the PDF below for foreclosure timeline:

 

 

 

http://www.richmondfed.org/conferences_and_events/community_development/2009/pdf/foreclosure_process_in_maryland.pdf

 

 

Customer: replied 1 year ago.

Now that my Chp 13 BK has been confirmed 5 year plan...Are you saying because WF withdrew the request to lift the STAY even though I elected to surrender my primary residence The process will be for WF to ask the BK Court to lift the STAY to proceed forward with the forclosure, if they decide to? I can remain in the home until this process is started? should I contact WF? I would really like to keep my home and have expressed that to WF. Because I am so underwater I was denied. Any suggestion?

Expert:  Phillips Esq. replied 1 year ago.

Now that my Chp 13 BK has been confirmed 5 year plan...Are you saying because WF withdrew the request to lift the STAY even though I elected to surrender my primary residence The process will be for WF to ask the BK Court to lift the STAY to proceed forward with the forclosure, if they decide to?



Response 1: Yes, that is what I am saying. WF must still obtain the permission of the bankruptcy Court to foreclose on the property.



I can remain in the home until this process is started?


Response 2: Yes, that is correct. Even when the process has started, you can stay on the property until the property has been sold at foreclosure sale. You still remain in legal possession of the property until it has been foreclosed.



should I contact WF? I would really like to keep my home and have expressed that to WF. Because I am so underwater I was denied. Any suggestion?




Response 3: Yes, you should contact WF to see if they would reconsider modifying the loan for you: bring the loan down to the current value of the property, then set the monthly payment amount based on the new loan value. It is worth calling WF. There is nothing for you to lose by calling. Make sure to ask for Loss Mitigation Department and not the Collections Department. Collections Department is only interested in your payment of the amount due and nothing else. Loss Mitigation would try to work with you to see if the loan can be saved from foreclosure.


Goodluck with your case,

Phillips Esq., Attorney-at-Law
Category: Bankruptcy Law
Satisfied Customers: 12512
Experience: B.A.; M.B.A.; J.D.
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