Legal Opinion
Central Mortgage Co. v. Galbraith (In Re Galbraith)
United States Bankruptcy Court, E.D. Pennsylvania
Decided April 21, 1982No. 19-10876PublishedCited by 5 opinions
1Opinion of the Court
OPINION
EMIL F. GOLDHABER, Bankruptcy Judge:
The issue at bench is whether we should modify the automatic stay to permit the mortgagee to foreclose on the debtors’ residence. We conclude that the mortgagee is entitled to such relief (1) “for cause” because the debtors are more than 24 months in arrears on the mortgage and (2) because the debtors have little, if any, equity in the property which equity is being eroded rapidly by the growing escrow deficit and the daily interest charges.
The facts of the instant case are as follows: 1 On April 2, 1980, Frank and Maria Galbraith (“the debtors”)…
2Cases cited10 opinions
- Vlahos v. Pitts (In Re Pitts)United States Bankruptcy Court, C.D. California · 1979
- Commonwealth State Employees' Retirement Fund v. RoaneDistrict Court, E.D. Pennsylvania · 1981
- Commonwealth of Pennsylvania State Employes' Retirement Fund v. Roane (In Re Roane)United States Bankruptcy Court, E.D. Pennsylvania · 1981
- Boulevard Mortgage Co. v. Hinkle (In Re Hinkle)United States Bankruptcy Court, E.D. Pennsylvania · 1981
- Castle Ranch I, Ltd. v. Castle Ranch of Ramona, Inc. (In Re Castle Ranch of Ramona, Inc.)United States Bankruptcy Court, S.D. California · 1980
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3Cited by5 opinions
- In Re TashjianUnited States Bankruptcy Court, E.D. Pennsylvania · 1987
- In Re TainanUnited States Bankruptcy Court, E.D. Pennsylvania · 1985
- Royal Bank of Pennsylvania v. Three Tuns, Inc. (In Re Three Tuns, Inc.)United States Bankruptcy Court, E.D. Pennsylvania · 1983
- In Re FazioUnited States Bankruptcy Court, E.D. Pennsylvania · 1986
- In Re CraigUnited States Bankruptcy Court, E.D. Pennsylvania · 1985