Legal Opinion
Lomas Mortgage, Inc. v. Esperandieu & Antonine Louis
Court of Appeals for the First Circuit
Decided April 18, 1996No. 95-1956PublishedCited by 92 opinions
1Opinion of the Court
LYNCH, Circuit Judge.
At issue is the important question of whether § 1322(b)(2) of the Bankruptcy Code, 11 U.S.C. § 1322(b)(2), prevents Chapter 13 debtors from “stripping down” their primary residence mortgages when the debtors reside in a multi-family house. “Stripping down” would advantage such homeowners by permitting them to cap the dollar amount of the security interest in the home to the home’s actual value rather than the higher amount of the note itself. The difference would be treated as unsecured debt. That advantage is denied to resident single-family homeowners by § 1322(b)(2).
Thi…
2Cases cited17 opinions
- Consumer Product Safety Commission v. GTE Sylvania, Inc.Supreme Court of the United States · 1980
- Nobelman v. American Savings BankSupreme Court of the United States · 1993
- Seatrain Shipbuilding Corp. v. Shell Oil Co.Supreme Court of the United States · 1980
- Ronald E. Grubbs v. Houston First American Savings AssociationCourt of Appeals for the First Circuit · 1984
- United States v. Shaun K. O'NeilCourt of Appeals for the First Circuit · 1993
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3Cited by92 opinions
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- Perceira Goncalves v. INSCourt of Appeals for the First Circuit · 1998
- Bartee v. Tara Colony Homeowners Ass'n (In Re Bartee)Court of Appeals for the Fifth Circuit · 2000
- In Re Frances Scarborough, Frances Scarborough v. Chase Manhattan Mortgage CorporationCourt of Appeals for the Third Circuit · 2006
- United States v. Charter International Oil Company, Acushnet Company, Proposed Intervenors-AppelleesCourt of Appeals for the First Circuit · 1996
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