Nov
15
2007
Ruling:
Creditor's motion for relief from stay granted where debtor intended to surrender property.
Procedural posture:
Creditor filed a motion for relief from the automatic stay pursuant to 11 U.S.C. § 362(d)(1) on the grounds that the debtors had failed to make regular monthly mortgage payments to the lender and had not sought to cure the arrearage or reaffirm the debt. The creditor further sought relief under 11 U.S.C. § 362(d)(2) on the grounds that the debtors had no equity in the property and the property was not necessary to an effective reorganization.
Issue:
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Consumer case opionion summary, case decided on November 15,2007, LexisNexis #1207-073