Bache-Wiig v. Fournier (In Re Bache-Wiig)

MEMORANDUM OF DECISION

LOUIS H. KORNREICH, Bankruptcy Judge.

INTRODUCTION

The Debtor, Carl J. Bache-Wiig, commenced this adversary proceeding to determine the validity, extent and priority of a mortgage on his home given by him to the Defendant, Armand J. Fournier to secure payment of a promissory note. The Debtor made only one monthly payment and, prior to bankruptcy, the Defendant obtained a judgment on the note without pursuing foreclosure. The Debtor contends in this Chapter 13 case that the Defendant forfeited his right to assert the mortgage because of his failure to pursue foreclosure in…