Heritage Savings & Loan Ass'n v. Rogers Development Corp. (In Re Rogers Development Corp.)

SUMMARY

BLACKWELL N. SHELLEY, Bankruptcy Judge.

This proceeding involved whether relief from the automatic stay pursuant to § 362 of the Bankruptcy Code should be granted to a secured first mortgage lender in order to foreclose on a large parcel of real estate owned by Debtors in the business of selling and developing real estate. Section 362(d) allows for the granting of the relief from stay if either the debtor cannot provide adequate protection to the creditor or there is no equity in the property for the debtor and the property is not necessary to an effective reorganization. In order to…