No, there were no leaves below the soil. And yes, some of the leaves were rotted, and they came right off when I touched it. It didn't get overwatered--at least not by me, as I made sure it was dry before I watered, as I do with all my hoyas. I've had it a month or so, and it wasn't overwatered in that time.
Okay, I repotted it in a 2" clay pot with orchid bark and perlite. Below is a pic, and you can see how many leaves are left--not many! And at least two or three of those are more than half yellow and look like they will fall off soon. It did have a very small amount of roots. All I can do is wait, I suppose, but it looks to me like it sure doesn't have a good chance of making it. Thanks so much for the prompt replies!