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In Re Mattson

210 Bankr. 157 (1997)

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In Re Mattson

United States Bankruptcy Court for the District of Minnesota
210 Bankr. 157 (1997)

  • Written by Rose VanHofwegen, JD

Facts

In 1994, Terrie Mattson (debtor) bought a home as her residence for about $50,000, financed with a mortgage close to the purchase price. In 1995, she took out a $10,000 second mortgage from Commercial Credit (Commercial) (creditor). In 1997, Mattson filed for Chapter 13 bankruptcy and proposed a plan that would treat Commercial as a wholly unsecured creditor because she believed the first mortgage exceeded the home value. The final payment under the proposed plan was due before Mattson’s final payment on the second mortgage. Commercial countered that the home value exceeded the first mortgage and that Mattson had to pay Commercial’s claim in full regardless because of the special protection afforded home lenders.

Rule of Law

Issue

Holding and Reasoning (Kressel, J.)

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