In re Zimmer
United States Court of Appeals for the Ninth Circuit
313 F.3d 1220 (2002)
- Written by Jody Stuart, JD
Facts
Sieglinde Zimmer (debtor) executed a promissory note with PSB Lending (PSB) (creditor). The loan was for $39,000 and was secured by a second mortgage on Zimmer’s residence. Zimmer later filed for Chapter 13 bankruptcy. At the time of filing, the balance owed on Zimmer’s first mortgage was $123,000. The balance owed on the second mortgage, held by PSB, was $37,411. In the bankruptcy petition, Zimmer stated that the value of her residence was $110,000. Because the first mortgage exceeded the value of the residence, Zimmer listed PSB’s claim for the repayment of its loan as unsecured. Subsequently, Zimmer filed an adversary complaint with the bankruptcy court that sought to avoid PSB’s lien on her residence. PSB filed a motion to dismiss, and the bankruptcy court granted the motion. The federal district court affirmed the bankruptcy court’s decision.
Rule of Law
Issue
Holding and Reasoning (Nelson, J.)
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