Opinion
19-12357-t13
10-27-2022
In Re: Matthew Thomas Beck and Kyra Marie Beck, Debtors.
Stephanie Schaeffer Attorney for Creditor Gerald R. Velarde The Law Office of Gerald R. Velarde Attorney for Debtors Tiffany M. Cornejo Trustee
Chapter: 13
Stephanie Schaeffer
Attorney for Creditor
Gerald R. Velarde
The Law Office of Gerald R. Velarde
Attorney for Debtors
Tiffany M. Cornejo
Trustee
STIPULATED ORDER RESOLVING MOTION FOR RELIEF FROM AUTOMATIC STAY AND TO ABANDON PROPERTY AS TO 1151 N. LAGUNA AVE., FARMINGTON, NEW MEXICO 87401
Honorable David T. Thuma United States Bankruptcy Judge
THIS MATTER came before the Court on the Motion for Relief from Stay ("Motion") filed by Idaho Housing and Finance Association, its successors and/or assigns ("Creditor") on January 29, 2021 (Docket No.: 40) on the Debtors' real property described as 1151 N. Laguna Ave., Farmington, New Mexico 87401 (the "Property"). Creditor, by its undersigned counsel, Matthew Thomas Beck and Kyra Marie Beck ("Debtors"), by and through their attorneys, Gerald R. Velarde (the "Parties") have reached an agreement to resolve Creditor's Motion. Based upon the agreement and good cause appearing.
IT IS HEREBY AGREED AND ORDERED THAT
1. Automatic Stay.
The automatic stay provided by 11 U.S.C. §362 shall remain in effect, except as provided in the paragraphs below.
2. Regular Monthly Payments.
The Debtors must deliver regular monthly payments in the amount of $1,169.00 commencing November 1, 2022, and any subsequent Notices of Mortgage Payment Change, if applicable. The Parties acknowledged and agreed that the monthly payment amount may change in the future.
3. Additional Payments.
In addition to the payments required by paragraph 2, above, the Debtors shall cure their post-petition arrearage, calculated as follows:
Months
Payment Amount
11/01/2020 - 10/1/2021 (12 months) @ $1,150.00 each
$13,800.00
11/1/2021 - 10/1/2022 (12 months) @$1,169.00 each
$14,028.00
Attorney fees and costs
$1,806.13
Less Suspense Payment
-$49.95
TOTAL post-petition arrears:
$29,584.18
The total arrears shall be paid as follows:
Number of Months
Arrearage Payment
Due Date
1
$3,287.13
11/15/2022
2
$3,287.13
12/15/2022
3
$3,287.13
01/15/2023
4
$3,287.13
02/15/2023
5
$3,28713
03/15/2023
6
$3,287.13
04/15/2023
7
$3,287.13
05/15/2023
8
$3,287.13
06/15/2023
9
$3,28714
07/15/2023
All such payments shall be mailed directly to the Creditor at the following address at:
Full account numbers must be included on the payment(s)
Idaho Housing and Finance Association
P.O. Box 7899
Boise, ID 83707
4. Effect of Nonsufficient Funds.
Any check tendered to the Creditor by the Debtors that is returned due to nonsufficient funds, in the account upon which it is drawn, shall not constitute a payment required by the terms of this Order.
5. Default.
In the event the Creditor does not receive the payments required by this Order on the dates set forth in paragraph 2 with any grace period allowed, or paragraph 3 on the date set forth by 5:00 p.m., Creditor shall send written notice of the default ("Default Notice") to the Debtors and Debtors' counsel and allow the Debtors ten (10) days from the date the written notice is mailed to cure the delinquent payment or payments. In the event the Debtors fail to cure the delinquent payment or payments within the ten (10) day period, and, in the event the Debtors become delinquent after two (2) notices of default, Creditor shall file a declaration of default and ex parte order for relief from the automatic stay. Creditor shall be entitled to recover and add to the loan, attorney fees incurred in the preparation of a notice of default, declaration of default and/or order terminating the automatic stay pursuant to the terms of this order, which the Court may grant without further notice or hearing.
6. In the event that the automatic stay of 11 U.S.C. §362(a) is terminated under the provisions of this Order as to the Creditor, its successors and assigns as to the property identified as 1151 N. Laguna Ave., Farmington, New Mexico 87401, the Chapter 13 Trustee shall make no further distribution to Creditor on its secured claim. The Creditor is authorized to exercise any other right or remedy available to them under law.
7. Creditor and/or its successors and assigns may, at its option, offer, provide and enter into a potential forbearance agreement, loan modification, refinance agreement or other loan workout/loss mitigation agreement. Any such agreement shall be nonrecourse unless included in a reaffirmation agreement. Creditor may contact the Debtors via telephone or written correspondence to offer such an agreement.
8. Upon entry of this Order, the Motion's final hearing to be held on November 8, 2022 at 01:30 pm be taken off Court's calendar for that date and time.
END OF ORDER
IT IS SO AGREED AND APPROVED BY: