Tag: real property

Bankr. E.D.N.C.: In re Bradshaw- 11 U.S.C. § 1322(b)(2) Anti-modification inapplicable if Mortgage Takes Escrow Account as Collateral

Summary:

The Debtors principal residence was found to be worth $136,000 with a first mortgage of $116,254.11 held by PNC and a second mortgage, held by Asset Ventures, LLC, in the amount of $27,000. This second mortgage additionally took as collateral the Debtors’ escrow account.

Following In re Bradsher, 427 B.R. 386, 388 (Bankr. M.D.N.C. 2010), the court held that as an escrow account is additional personal property, the anti-modification provisions of 11 U.S.C. § 1322(b)(2) did not apply and allowed the bifurcation of Asset Ventures’ claim, with $19,745.89 secured and unsecured in the amount of $7,254.11.

For a copy of the opinion, please see:

Bradshaw- 11 U.S.C. Read More

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NC Court of Appeals: Taylor v. Miller- Validity of Right of First Refusal in a Deed

Summary:

After Mr.  Taylor and Ms.  Miller separated, they executed a deed transferring real property to Mr.  Taylor but providing that if Mr.  Taylor later sought to sell the property, Ms.  Miller would have a right of first refusal, allowing her to either match the sales price or pay $41,500.00, plus subsequent costs of repairs and improvements to the property.  In June of 2009, Mr.  Taylor wrote to Ms.  Miller asking her to forego this right of first refusal.  Ms.  Miller did not respond.  Later that month, Mr.  Taylor again wrote to Ms.  Miller of his intention to convey the property to his son and his contention that the right of first refusal in the deed was invalid. … Read More

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