Author Archives: BankruptcyRealEstateInsights

About BankruptcyRealEstateInsights

Vicki R. Harding was a partner in the Detroit office of Pepper Hamilton LLP who moved to Arizona seeking warmer weather. Ms. Harding continues to handle commercial transactions with an emphasis on real estate and bankruptcy issues (but no longer owns a snow shovel).

Mortgage Liens: Can Liens Be Stripped Off in a Chapter 13?

Posted on April 5, 2013 by BankruptcyRealEstateInsights

Woolsey v. Citibank, N.A. (In re Woolsey), 696 F.3d 1266 (10th Cir. 2012)  – A Chapter 13 plan proposed to strip off the lien of a junior residential mortgage that was totally underwater.  The bankruptcy court sustained an objection to the … Continue reading →

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Mortgage Liens: Can Liens Be “Stripped Off” (vs. “Stripped Down”) in a Chapter 7 Case?

Posted on April 2, 2013 by BankruptcyRealEstateInsights

Wachovia Mortgage v Smoot, 478 B.R. 555 (E.D.N.Y. 2012) – In Smoot, the bankruptcy court held that a  totally underwater junior lien on a residential property could be “stripped off” in a Chapter 7 case – choosing to follow a Second … Continue reading →

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Secured Claims: What Does it Take to Extinguish a Lien Through a Plan?

Posted on March 29, 2013 by BankruptcyRealEstateInsights

In re Omega Optical, Inc., 476 B.R. 157 (Bankr. E.D.Pa. 2012) – A bank filed a proof of claim in a bankruptcy that erroneously identified its claim as unsecured.  After confirmation of a chapter 11 plan of reorganization that treated the claim … Continue reading →

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Priority Fight: Equipment Vendor Takes On Mortgagee

Posted on March 26, 2013 by BankruptcyRealEstateInsights

MTGLQ Investors, LP v. Bresco Solutions, LLC (In re Marvel Cliff Crossing Apartments, LLC), 484 B.R. 175 (Bankr. S.D. Ohio 2012) – In Marvel Cliff, an equipment vendor sold and installed security cameras and wireless internet access equipment together with related … Continue reading →

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Mortgagee “Cramdown”: Sometimes You Just Can’t Win

Posted on March 22, 2013 by BankruptcyRealEstateInsights

Fed. Nat’l Mortgage Ass’n v. Village Green I, GP, 483 B.R. 807 (W.D. Tenn. 2012) – Fannie Mae objected to a “cramdown” plan of reorganization, arguing that (i) the accepting class of creditors was artificially impaired, (ii) the modification of its … Continue reading →

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Sales “Free and Clear”: What is an “Interest”?

Posted on March 19, 2013 by BankruptcyRealEstateInsights

In re Mundy Ranch, Inc., 484 B.R. 416 (Bankr. D. N.M. 2012) – In Mundy Ranch, a corporate debtor moved to sell real estate that it owned free and clear of interests under Section 363(f) of the Bankruptcy Code.  A … Continue reading →

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