In re Gamez

Full title: IN RE: HUGO AND BERANY GAMEZ Chapter 13, Debtor(s) Hugo and Berany Gamez…

Court: United States Bankruptcy Court, D. Maryland, (Greenbelt Division)

Date published: Sep 30, 2011

Case No. 11-17158 (Bankr. D. Md. Sep. 30, 2011)

Opinion

Case No. 11-17158.

September 30, 2011

Sandy Y. Chang, Esq., The Chang Law Firm, Rockville, MD, Attorney for Debtors.

Randa Azzam, Esq., Samuel I. White, PC, Alexandria, VA, Attorney for Real Time Resolutions.

STIPULATION RESOLVING DEBTOR'S MOTION TO AVOID LIEN ON PRINCIPAL RESIDENCE PURSUANT TO 11 U.S.C. § 506

WENDELIN LIPP, Bankruptcy Judge

It is hereby stipulated and agreed by and between Sandy Y. Chang, Esquire, attorney for Debtors Hugo Gamez and Berany Gamez, and Real Time Resolutions (hereinafter "Real Time") as servicing agent on behalf of BAC Home Loans Servicing, LP, as follows:

1. Real Time's secured second mortgage lien in the amount of $44,142.58 on the property located at 2010 Forest Hill Drive, Silver Spring, MD, 20903 (hereinafter "Subject Property") is deemed unsecured solely for purposes of this Bankruptcy proceeding and in accordance herewith.

2. Real Time's second mortgage lien against the Subject Property is disallowed as a secured claim and is allowed as a general unsecured claim to be treated as other unsecured claims under Debtors' Chapter 13 Plan.

3. Provided Debtors successfully complete their Chapter 13 Plan and receive a Chapter 13 discharge, the secured second mortgage lien of Real Time against Subject Property shall be marked as satisfied, released, and discharged.

4. Paragraphs 1, 2 and 3 as set forth above are conditioned upon Debtors' completion of their Chapter 13 Plan and obtaining a Chapter 13 discharge.

5. Failure of Debtors to satisfy the aforesaid conditions renders this Stipulation null and void and returns Real Time to its pre-petition status as a secured creditor holding a second mortgage lien against the Subject Property with all rights afforded to it under applicable Maryland state law.

6. Real Time 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.

7. Additionally, if there is a sale or refinance prior to Plan completion and entry of discharge, the junior lien will remain as a valid secured claim on subject property.

SO ORDERED