In Re Parker

ORDER

W. HOMER DRAKE, Bankruptcy Judge.

This case is before the Court on the objection to confirmation and motion to dismiss the above-referenced Chapter 13 proceeding filed by the Federal National Mortgage Association (“FNMA”). Confirmation of this case has been held in abeyance pending a ruling on the issues raised by FNMA. The facts are not in dispute, and briefs have been filed by the debtors and FNMA.

The debtors have proposed to cure and reinstate through their Chapter 13 plan a purchase-money note in favor of FNMA secured by a security deed on the debtors’ principal residence. The concept…