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to Citicorp Mortgage, Inc. (CMI). Petitioner was delinquent on
those debts (the CMI debts) at the time petitioner filed the
bankruptcy petition, and CMI is listed as a secured creditor with
respect to the CMI debts in a schedule attached to that petition.
CMI did not file any proof of claim with respect to the CMI
debts.
On October 31, 1991, CMI moved the bankruptcy court to lift
the stay prohibiting it from foreclosing petitioner’s interests
in the properties, and, on December 2, 1991, the court granted
the motion. By order of the bankruptcy court dated December 18,
1991 (the discharge order), petitioner was released from all
dischargeable debts.
Under the authority of the bankruptcy court’s December 2,
1991, order, CMI foreclosed petitioner’s interests in the
properties and caused the properties to be sold. The Argyle
property was sold on March 3, 1992, leaving a deficiency (the
amount petitioner still owed) calculated as follows:
Loan balance $262,128
Sale price 171,500
Deficiency 90,628
The Dallas property was sold on April 7, 1992, leaving a
deficiency (the amount petitioner still owed) calculated as
follows:
Loan balance $128,572
Sale price 21,700
Deficiency 106,872
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Last modified: May 25, 2011