Opinion
Case No.: 08-11156-JS.
July 25, 2008
Robert E. Molloy, Odenton, 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 L. McCrea, Sr. and Tamie R. Carter-McCrea, the debtors herein, by and through their attorney, Robert E. Molloy, 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) is hereby deemed lifted to permit Wells Fargo to enforce its security interests to repossess and dispose of, if necessary, the debtors' 2006 Nissan Titan, S.N. 1N6BA07A26N541063 (the "subject vehicle").
2. Wells Fargo agrees not to enforce its rights under its security interest and agrees to stay execution of this order provided that the debtors shall pay to Wells Fargo, on or before August 6, 2008, the regular monthly payment in the amount of $457.06 and the debtors shall continue to make the regular monthly payments of $457.06 on the 6th day of each subsequent month until all post-petition payments on the subject vehicle are made. In addition, the debtors shall cure the post-petition arrears of $2,170.36 which arrears include the legal fees and costs incurred by Wells Fargo in the amount of $550.00 in connection with this Motion as follows: $785.96 on or before July 25, 2008; and the balance in five (5) equal payments of $287.88 to be paid on: August 25, 2008; September 25, 2008; October 25, 2008; November 28, 2008; and December 25, 2008.
3. In the event that the debtors default in making any payments as set forth herein, or default in any other provision of their retail installment sales contract with Wells Fargo for the purchase of the subject vehicle, including, but not limited to, the provision requiring the debtors to maintain insurance on the vehicle naming Wells Fargo as loss payee, Wells Fargo shall provide to the debtors, and their counsel, written notice of breach of this stipulation. Such written notice shall specify the nature of the breach.
4. That ten (10) days following the mailing of such written notice to the debtors and their counsel that the debtors have defaulted under the terms of this Stipulation and Order, and unless such default has been cured by the debtors within such ten (10) day period, 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.
5. In the event that the debtors default under the terms of this Stipulation and fail to cure such default pursuant to paragraph four (4) herein, the debtors agree to immediately return to Wells Fargo the subject vehicle.