Legal Opinion
Wachovia Mortgage v. Smoot
District Court, E.D. New York
Decided September 20, 2012No. Nos. 11-CV-06379 (ADS), 11-CV-03832 (ADS)PublishedCited by 2 opinions
1Opinion of the Court
MEMORANDUM OF DECISION AND ORDER
ARTHUR D. SPATT, District Judge.
Presently before the Court are two distinct appeals from the Bankruptcy Court that pose precisely the same issue: whether a debtor who has filed for Chapter 7 bankruptcy may “strip off’ the lien of a junior mortgage pursuant to 11 U.S.C. § 506(d), when the outstanding balance due on a senior mortgage exceeds the fair market value of the secured property. Because the appeals are identical, they will be addressed simultaneously. For the reasons set forth below, namely because of binding Supreme Court precedent, the Court reverses…
2Cases cited31 opinions
- Dewsnup v. TimmSupreme Court of the United States · 1992
- Johnson v. Home State BankSupreme Court of the United States · 1991
- Nobelman v. American Savings BankSupreme Court of the United States · 1993
- In Re Stephen J. McdonaldCourt of Appeals for the Third Circuit · 2000
- James Jay Ball, Debtor-Appellant v. A.O. Smith Corporation, Creditor-AppelleeCourt of Appeals for the Second Circuit · 2006
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3Cited by2 opinions
- Malone v. Citibank NA ex rel. SACO 1 Trust 2006-7 (In re Malone)United States Bankruptcy Court, N.D. Georgia · 2013
- Campbell v. Marshall & Ilsley Bank (In re Campbell)United States Bankruptcy Court, N.D. Georgia · 2013