Filed: Feb. 27, 2013
Latest Update: Feb. 27, 2013
Summary: AGREED ORDER CONDITIONING THE AUTOMATIC STAY JOEL T. MARKER, Bankruptcy Judge. Bank of America, N.A., ("Movant") filed a Motion for Relief from the Automatic Stay. The court has considered the Motion, any responses to the Motion and the agreement of counsel. It is hereby ordered, adjudged and decreed as follows: 1. Automatic Stay . The automatic stay provided by 11 U.S.C. 362 shall remain in effect, except as provided in the paragraphs below. The terms and conditions set forth in this Order
Summary: AGREED ORDER CONDITIONING THE AUTOMATIC STAY JOEL T. MARKER, Bankruptcy Judge. Bank of America, N.A., ("Movant") filed a Motion for Relief from the Automatic Stay. The court has considered the Motion, any responses to the Motion and the agreement of counsel. It is hereby ordered, adjudged and decreed as follows: 1. Automatic Stay . The automatic stay provided by 11 U.S.C. 362 shall remain in effect, except as provided in the paragraphs below. The terms and conditions set forth in this Order ..
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AGREED ORDER CONDITIONING THE AUTOMATIC STAY
JOEL T. MARKER, Bankruptcy Judge.
Bank of America, N.A., ("Movant") filed a Motion for Relief from the Automatic Stay. The court has considered the Motion, any responses to the Motion and the agreement of counsel. It is hereby ordered, adjudged and decreed as follows:
1. Automatic Stay. The automatic stay provided by 11 U.S.C. §362 shall remain in effect, except as provided in the paragraphs below. The terms and conditions set forth in this Order governing the continuation of the automatic stay and/or termination thereof due to default by the Debtors shall not be amended, altered or superseded by the confirmation order entered in this case, but shall be considered a part of and integrated into the confirmation order should the automatic stay be terminated consistent with the terms of this Order.
2. Movant acknowledges receipt of Debtors' tender of $5,000.000.
3. Regular Monthly Payments. The Debtors shall resume making all regular monthly mortgage payments due to the Creditor pursuant to the terms of the Note and Trust Deed attached to Creditor's Motion, beginning with the payment due on March 1, 2013, and continuing each month thereafter. The amount of each such payment is presently $1,428.66. The amount is subject to change to reflect escrow requirements and any other adjustments provided by the terms of the Note and Trust Deed.
4. Additional Payments. In addition to the regular monthly payments set forth hereinabove, Debtors shall cure the post-petition default computed through February 2013, calculated as follows:
Post-petition payment to complete the February 2013 postpetition
payment totaling: $1,285.98
Less: Partial Balance: ($622.38)
Attorney's costs and fees: $826.00
Total Due: $1,489.60
Debtors shall cure the remaining post-petition default by the tendering to Movant of $1,489.60 on or before March 15, 2013.
5. Trustee Payments. The Debtors shall remit to the Trustee the monthly payments provided for in the Debtors' Plan. The Debtors shall bring current all delinquent and outstanding payments owed to the Trustee, if any, within 30 days of the date this Order is signed by the Bankruptcy Judge.
6. Effect of Non-sufficient Funds. Any check tendered to the Creditor by the Debtors which is returned due to non-sufficient funds in the account upon which it is drawn shall not constitute a payment required by the terms of this Order.
7. Default. Upon any default of the foregoing terms and conditions, Creditor shall serve written notice of default to Debtors, and any attorney for Debtors. If Debtors fail to cure the default within 10 calendar days after mailing of such written notice Creditor may file and serve a declaration specifying the default, together with a proposed order terminating the automatic stay, which the court may grant without further notice or hearing. Cure payments must be made in the form of certified funds only and notwithstanding anything contained herein to the contrary.
8. Creditor may accept any and all payments made pursuant to this Order without prejudice to or waiver of any rights or remedies to which it would otherwise have been entitled under applicable non-bankruptcy law.
9. It is further ordered that, upon termination of the automatic stay pursuant hereto and notice thereof, the Chapter 13 Trustee shall make no further distribution to Creditor on its secured claim, and Creditor shall file within 180 days, for it to be allowed, an amended proof of claim showing the amount, if any, that should be paid through the Debtors' plan as an unsecured claim, for any deficiency balance, and shall serve a copy thereof on the Chapter 13 Trustee.
IT IS HEREBY ORDERED, ADJUDGED AND DECREED.