In re Martinez
May
25
2010
Ruling
Second mortgage could not be stripped where valuation of property showed sufficient equity to fully secured the loan.
Procedural posture
Debtors filed a proposed Second Amended Plan. Both the trustee and a creditor objected to confirmation. Debtors moved the court to determine that the creditor's second mortgage on debtors' real property had no allowed secured value, was wholly unsecured, and should be treated as an unsecured, non-priority creditor/claim under debtors' plan. Debtors also moved to "strip" the creditor's lien arising from the second mortgage. The creditor objected.
ABI Membership is required to access the full summary of In re Martinez Please sign in if you are already an ABI member, or otherwise you may Become an ABI Member
Court
: