In re Smith

OPINION

JOHN J. THOMAS, Bankruptcy Judge.

The Chapter 13 Debtor, Steven Smith, is attempting to satisfy a mortgage against his property by paying to OneWest Bank the “allowed amount” of its secured claim under 11 U.S.C. § 1325(a)(5)(B)(ii). OneWest has filed a secured claim against the Debtor in the amount of $122,486.42.1 While the Plan terms are not that unusual, it is the factual background of the ease that renders it an oddity and explains why the Debtor argues that the allowed amount of the claim is a mere $5000 and can be satisfied by payment of that amount through the Plan.

OneWest Bank’s…