Opinion
Case No. 11-29466
01-11-2012
In re: Maria Espinoza Debtor Maria Espinoza Movant, v. Bank of America, N.A. Respondent.
SO ORDERED
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U.S. BANKRUPTCY JUDGE
STIPULATION RESOLVING DEBTOR'S MOTION TO AVOID LIEN
ON PRINCIPAL RESIDENCE PURSUANT TO 11 U.S.C. § 506
It is hereby stipulated and agreed by and between Debtor Maria Espinoza by and through counsel Sandy Y. Chang, and Bank of America, N.A. (hereinafter "Respondent") that:
1. Respondent's second lien on Debtor's property located at 12803 Caldwell Street, Rockville, MD 20853 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 Debtor's 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 Debtor's 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 Debtor's 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
1 Research Ct., Suite 140
Rockville, MD 20850
Attorney for Debtor
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Richard J. Rogers, Esq.
Cohn, Goldberg & Deutsch, LLC
600 Baltimore Avenue, Ste 208
Towson, MD 21204
410-296-2550
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