(See id. at 3; 11 U.S.C. § 506.) Case 1:17-cv-00800-CC-LTW Document 5 Filed 04/21/17 Page 5 of 18 - 6 - On December 3, 2012, the Bankruptcy Court entered an Order Granting Debtor’s Motion to Value Collateral and Modify Rights of Guaranty Bank, which stripped the lien from the mortgage.

E.D.N.Y. 2011) rev’d for procedural reasons, 2012 U.S. Dist. LEXIS 43286 (E.D.N.Y. 2012), a holding by the Honorable Robert E. Grossman, a fellow bankruptcy judge from the United States Bankruptcy Court of the Eastern District of New York in Central Islip. In sum, out of the three (3) bankruptcy judges sitting in Central Islip, there is a split as to the enforceability of MERS mortgages in motions for relief from the stay proceeding pursuant to the provisions set forth in 11 U.S.C. §362(d) and in valuations of mortgage liens on residential real properties for purposes of 11 U.S.C. §506. Please note that the third bankruptcy judge, the Honorable Louis A. Scarcella only recently took the bench and the undersigned counsel is uncertain whether Judge Scarcella has yet to rule on the MERS issue.

Summary proceedings should afford creditors fair notice and an opportunity to be heard . . . . They should also allow parties to present evidence when the facts are in dispute and 31 See 11 U.S.C. § 506(a) (2005) (discussing the priority and determination of secured claims in bankruptcy). 32 See Wang, 944 F.2d at 85; Credit Bancorp, Ltd., 290 F.3d at 91.

On September 2, 2019, they filed a chapter 13 plan. The plan includes a claim in section 3.2 subject to valuation under 11 U.S.C. § 506. Debtors propose to pay Prestige $4,000.00 secured at 7.25% on a $9,543.00 claim on an auto.

(internal citation omitted). Ultimately, the Joubert court, deciding a case under 11 USC § 506(b), held that there was “no reason why the rule should be different for actions asserted under § 506(b) rather than § 524.” Id.

8. Pursuant to the Note and Deed of Trust Movant is allowed to request this court to grant reasonable attorney’s fees and costs and allowing payment of Movant’s attorney’s fees and costs pursuant to 11 U.S.C. Section 506(b) which state as follows: To the extent that an allowed secured claim is secured by property value of which, after any recovery under subsection (c) of this section, is greater than the amount of such claim, there shall be allowed to the holder of such claim, interest on such claim and any reasonable fees/costs, or charges provided for under the agreement which such claim arose. Case 2:08-bk-15116-GBN Doc 40 Filed 01/08/09 Entered 01/08/09 18:32:24 Desc Main Document Page 3 of 4 Case 2:16-cv-01792-DLR Document 12-1 Filed 07/14/16 Page 14 of 60 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 CONCLUSION Movant requests that the court enter an order vacating the automatic stay of 11 U.S.C. Section 362(a) and Movant may immediately enforce and implement the order for relief from the automatic stay as to the debtors their bankruptcy estate, the property, and Movant; to allow Movant to foreclose the lien of its Deed of Trust or Mor

The Bankruptcy Code provides a mechanism for courts to bifurcate an undersecured creditor's claim into allowed secured and unsecured claims by making a determination as to the value of the creditor's security interest. Pursuant to section 506(a)(1) of the Bankruptcy Code, " [a]n allowed claim of a creditor secured by a lien on property in which the estate has an interest ... is a secured claim to the extent of the value of such creditor's interest in the estate's interest in such property..." 11 U.S.C. § 506(a)(1). Thus, the Bankruptcy Code makes clear that undersecured creditors are entitled only to payment in full of the value of their secured claims and an unsecured deficiency claim for the rest.'