Opinion
Case No.: 08-13253-NVA.
August 5, 2008
Edward M. Miller, Westminster, MD, Attorney for Debtors Merrill Cohen, Bethesda, Maryland, Attorney for Movant.
STIPULATION AND ORDER REGARDING MOTION TO LIFT STAY FILED BY WELLS FARGO AUTO FINANCE
Michael F. Kraus and Verna-Leigh Kraus, the debtors herein, by and through their attorney, Edward M. Miller, and Wells Fargo Auto Finance ("Wells Fargo"), by and through its attorney, Merrill Cohen, hereby stipulate and agree as follows:
1. The automatic stay provisions set forth in 11 U.S.C. 362(a) are hereby deemed lifted to permit Wells Fargo to enforce its security interests to repossess and dispose of, if necessary, the debtors' 2004 Kia Optima, S.N. KNAGD128345265013 (the "subject vehicle").
2. The debtors have agreed to reaffirm their debt to Wells Fargo pursuant to 11 U.S.C. Section 524(c). Under the terms of the Reaffirmation Agreement which has been proposed by Wells Fargo to the debtors, the balance on the loan has been reduced from $14,177.26 to $9,690.00; the interest rate has been reduced from 18.00% to 8.00%; and the monthly payment has been reduced from $366.88 to $225.00 effective April 29, 2008.
3. Wells Fargo agrees not to enforce its rights under its security interest and agrees to stay execution of this order provided that the debtors execute the Reaffirmation Agreement on or before July 31, 2008; the debtors do not rescind the Reaffirmation Agreement pursuant to 11 U.S.C. Section 524(c)(4) and that the Reaffirmation Agreement is approved by the Court.
4. In the event that the debtors fail to timely execute the Reaffirmation Agreement, rescind the Reaffirmation Agreement or the Reaffirmation Agreement is not approved by the Court, Wells Fargo shall be entitled to repossess and dispose of, pursuant to applicable law, the subject vehicle, without further notice, hearing, or order of Court.
END OF ORDER
SO ORDERED