Lomas & Nettleton Co. v. Frascatore (In Re Frascatore)

OPINION

EMIL F. GOLDHABER, Bankruptcy Judge:

The issue presented herein is whether the mortgagee is entitled to modification of the automatic stay provisions of section 362(a) of the Bankruptcy Code (“the Code”) to permit it to proceed with foreclosure proceedings so that the debtors’ residence may be sold at sheriff’s sale. Because the debtors have made but two payments to the mortgagee since the filing of their petition almost eleven months ago, we conclude that ample “cause” exists to justify the modification of the automatic stay.

The facts of the instant case are basically undisputed: 1 On…