Opinion
Case No. 11-23106
01-10-2012
In re: Francisco U. Darantinao & Consuelo T. Darantinao Debtor Francisco U. Darantinao & Consuelo T. Darantinao Movant, v. Bank of America, N.A. Respondent.
SEEN AND CONSENTED: Sandy Y. Chang, Esq. The Chang Law Firm Rockville, MD 20850 Attorney for Debtors Richard J. Rogers, Esq Attorney for Respondent Bank of America, N.A.
SO ORDERED
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U. S. BANKRUPTCY JUDGE
STIPULATION RESOLVING DEBTORS' MOTION TO AVOID LIEN
ON PRINCIPAL RESIDENCE PURSUANT TO 11 U.S.C. § 506
It is hereby stipulated and agreed by and between Debtors Francisco U. Darantinao and Consuelo T. Darantinao, by and through counsel Sandy Y. Chang, and Bank of America (as successor by merger to BAC Home Loans Servicing, LP), hereinafter "Respondent" that:
1. Respondent's second lien on Debtors' property located at 19631 White Saddle Drive, Germantown, MD 20874, shall be allowed as a non-priority general unsecured claim and shall be paid as such in accordance with the Debtors' Chapter 13 Plan.
2. The avoidance of Respondent's second lien is contingent upon the Debtors' completion of the Chapter 13 plan and the Debtors' receipt of a Chapter 13 discharge.
3. Respondent shall retain its lien for the full amount due under the subject loan should the subject property be sold or should a refinance take place prior to the Chapter 13 Plan completion and entry of a Discharge.
4. Respondent shall retain its lien for the full amount due under the subject loan in the event of either the dismissal of the Debtors' Chapter 13 case or the conversion of the Debtor's Chapter 13 case to any other Chapter under the United States Bankruptcy Code.
5. In the event that any entity, including the holder of the first lien on the Subject Property, forecloses on its security interest and extinguishes Respondent's lien prior to the Debtors' completion of the Chapter 13 Plan and receipt of a Chapter 13 discharge, Respondent's lien shall attach to the surplus proceeds of the
foreclosure sale for the full amount of the subject loan balance at the time of the sale.
SEEN AND CONSENTED:
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Sandy Y. Chang, Esq.
The Chang Law Firm
Rockville, MD 20850
Attorney for Debtors
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Richard J. Rogers, Esq
Attorney for Respondent
Bank of America, N.A.
CERTIFICATION OF CONSENT
I HEREBY CERTIFY that the terms of the copy of the Stipulation submitted to the Court are identical to those set forth in the original stipulation; and the signatures represented by the /s/ on this copy reference the signatures of consenting parties on the original stipulation.
Sandy Y. Chang