Verratti v. PNC Bank (In re Verratti)

Opinion

STEPHEN RASLAVICH, Bankruptcy Judge.

Introduction

The Debtor has filed an adversary proceeding seeking a declaration that the Defendant’s second mortgage lien is void. PNC Bank, the holder of the second mortgage lien, opposes the relief. A hearing was held on August 12, 2014, after which the Court took the matter under advisement. For the reasons discussed herein, the Court finds the value of the Debtor’s real property to have been not more than $125,000 on May 24, 2013. The effect of that finding will permit the Debtor to avoid the second lien under his Chapter 13 plan.1

The Property,…