In Re Richardson

MEMORANDUM

RALPH H. KELLEY, Bankruptcy Judge.

The debtor filed an objection to claim number 1 of American National Bank and Trust Company. The claim as filed is for an unsecured deficiency after the bank foreclosed on the debtor’s real estate that secured the debt.

The parties stipulated the facts in this case but for its own convenience the court has restated them as follows.

In March, 1982, the debtors bought a house that had been damaged by fire. They assumed the first mortgage, to American National Bank. They later borrowed $10,000.00 from the bank and gave it a second mortgage on the house…