Fidelity Bond & Mortgage Co. v. McAloon (In Re McAloon)

OPINION

EMIL F. GOLDHABER, Bankruptcy Judge:

The issue before us is whether we should grant relief from the automatic stay provisions of Section 362(a) of the Bankruptcy Code and allow a mortgagee to foreclose on the residential property of a Chapter 13 debtor. We will deny relief from the stay in this case because we find that the debtor has equity in the property, the property is necessary to the success of the Chapter 13 plan, and because we find that the mortgagee’s interest in the property is adequately protected. 1

On July 7, 1972, John F. McAloon (“MeA-loon”) and his wife 2 granted a…