WENDELIN I. LIPP
SO ORDERED
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U. S. BANKRUPTCY JUDGE
(Chapter 13)
STIPULATION AND CONSENT ORDER RESOLVING COMPLAINT TO DETERMINE
UNSECURED STATUS AND AVOID LIEN OF AMERICAN HOME MORTGAGE
SERVICING PURSUANT TO
11 U.S.C. §§ 105(a) and 506(a), (d), 28 U.S.C. 8S 2201, 2202
and FED R. BANKR. P. 3012
WHEREAS, JEFFREY K. BOYD and SHIRLEY K. JENKINS-BOYD (the "Debtors" and "Plaintiffs"), by and through undersigned counsel, John D. Burns, Esquire, and The Burns LawFirm, LLC have filed a Complaint To Determine Unsecured Status and Avoid Lien of American Home Mortgage Servicing ("AHM" or "Defendant") (the "Complaint"); and
WHEREAS, for the purposes of convenience, the Plaintiffs and Defendant have utilized defined terms from the above captioned adversary proceeding or the Amended Chapter 11 Plan which is currently of record for the purposes of convenience herein; and
WHEREAS, the Debtors own a property situate at 8106 Driscoll Drive, Bowie, MD 20720 (the "Property"); and
WHEREAS, the Defendant filed an answer to the Complaint; and
WHEREAS, the Plaintiff has scheduled a first priority lien on this Property in favor of American Home Mortgage Servicing, and in respect of same, AHM has filed a proof of claim [Claims Dkt. 17-1] in the amount of $453,389.39; and
WHEREAS, the Plaintiffs and Defendant agree and stipulate that the value of the Property for the purposes of this adversary proceeding and the treatment of AHM under any Plan of reorganization confirmed herein shall be $270,000.00
WHEREAS, the Plaintiffs and Defendant desire to resolve the Complaint and the concomitant allowance treatment of any claim of the Defendant in the Debtor's Amended Plan, as may be further amended by any plan of reorganization which may be submitted as follows:
Class 12 Claim is Impaired (American Home Mortgage Servicing) Class 12 shall be treated as an Allowed Secured Claim in the amount of $270,000.00 upon entry of a final Order resolving Adv. Pro. 11-00160 shall be treated as follows: Regular monthly Cash Distributions in the amount of $ 1,490.95 due each month at 5.25% interest on a 30 year amortization over a 10 year Plan term with a balloon in 120 months from the Effective Date of $221,260.36. It is the intent of this Plan that
any disposition of the above referenced adversary proceeding shall be binding upon the Class 12 Claim in this Plan as concerns Claim allowance. Further, there will be a Deficiency Claim recognized in favor of AHM in the amount of $183,389.39 that will receive pro rata Cash Distributions with other Allowed Unsecured Claims under the Plan; and
NOW THEREFORE, it is hereby STIPULATED and CONSENTED TO THAT:
1. The Plaintiffs and Defendant hereby stipulate that the filed Claim No, 17-1 shall be ALLOWED in the amount of $270,000.00 as a Secured Claim and ALLOWED in the amount of $183,389.39 as an Unsecured Claim for the purposes of treatment under any confirmed plan of reorganization proposed and confirmed by the Debtors.
2. The first priority Secured Claim or lien that Defendant may hold or assert against 8106 Driscoll Drive, Bowie, MD 20720 is declared AVOIDED and NULL and VOID as to the Property to the extent it exceeds $270,000.00.
3. The effective date of this Order shall be concurrent with the completion of plan payments under a confirmed plan of reorganization.
4. Following 14 days from entry of the notice of completion of plan payments substantive consummation under any confirmed plan of reorganization herein, the Debtors or any party in interest may record a copy of this Order with the land records at the State Court of appropriate jurisdiction wherein the Property is situate, and it shall serve as prima facie evidence to the lack of any lien or secured claim against the Property by the Defendant which exceeds $270,000.00, or any successor to or assignee of the Defendant respective to the same debt addressed hereby.
SEEN AND AGREED TO:
_____________________
SEEN AND AGREED TO:
_____________________
__________________
John D. Bums, Esquire
6303 Ivy Lane; Suite 102
Greenbelt, MD 20770
Counsel for Creditor
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Kevin Feig. Esquire
BWW
I HEREBY CERTIFY that the terms of the copy of the consent order submitted to the Court are identical to those set forth in the original consent order; and the signatures represented by the /s/ on this copy reference the signatures of the consent parties on the original consent order.
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John D. Burns
IT IS BY THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF MARYLAND, HEREBY SO ORDERED.
(END OF ORDER)