Joseph Fields v. Option One Mortgage

Option One Mortgage Corporation (Option One) held a mortgage on property owned by Joseph Fields (Fields) and his wife. They defaulted on their payments, and Option One attempted to foreclose on the property three times, but each time either Fields or his wife filed for Chapter 13 bankruptcy on the eve of the scheduled sale. The third time, Option One sought dismissal of the bankruptcy case and relief from automatic stay. At a hearing held May 9, 2001, counsel for the parties disagreed about the total amount of secured claims encumbering the property, but agreed that the property’s value was…