CRAM DOWN THAT OLD HOME LOAN
scheduled to come due. The
last payment (or balloon
payment) is scheduled for this
date.
B. The
amount
owed
to
_____________ (creditor) is
approximately $______.
C. The fair market value of
the property pursuant to an
(appraisal/certified
market
analysis) dated ___________
is $_____________.
D. Pursuant to 11 U.S.C. §
1322(c)(2) the note and
mortgage are not protected by
the anti-modification provision
for residential mortgages found
at 11 U.S.C. § 1322(b)(2).
E. Pursuant to 11 U.S.C. §§
1322(c)(2)
and
1325(a)
(5) Debtor(s) plan will pay
the fair market value of
$__ __________ to creditor
over the duration of this case at
___% interest as the creditor’s
allowed secured claim.
F. Confirmation of this plan shall
constitute a determination
that the amount in Paragraph
3 above is the amount of the
creditor’s secured claim.
G. The unsecured balance of
creditor’s claim shall be treated
as other unsecured debts
pursuant to this plan.
H. Once the allowed secured claim
has been paid in full and the
debtor receives a discharge,
or the full underlying debt is
paid, the creditor holding such
claim shall promptly mark any
lien securing such claim as
satisfied in the appropriate
public records. “Promptly” is
defined as 30 days following
payment of the secured claim
in full and the entry of an order
of discharge, or 30 days after
the date the full underlying
National Association of Consumer Bankruptcy Attorneys
Spring 2018
debt is paid.
4) Serve the plan on the holder of
the claim and any other entity
the court designates in the
manner provided for service of
a summons and complaint by
Bankruptcy Rule 7004. Make
sure you file a proof of service
documenting the notice. See
also Bankruptcy Rule 3012(b)
for claims of governmental
units.
5) At the confirmation hearing
provide the Court with proof
of service of the plan, a copy
of the appraisal, and a copy
of the mortgage and note with
the last payment due date
highlighted.
Check your local rules and forms to
determine whether the bankruptcy
court requires a different procedure.
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