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Shouldn't the relevant
Shouldn't the relevant inquiry here be the purpose and nature of the mortgage loan to the Debtor? Isn't the entire purpose of the anti-modification Code provisions aimed at protecting home mortgage lending? If so, it should be a fairly straightforward inquiry as to whether the loan was extended to a debtor as a home mortgage loan or as a commercial/business loan. In this Lee case, what were the terms of the original loan? Did the lender understand that its security was the land and home irrespective of any farming operations or use of the land for agriculture? If so, then the anti-mod provisions should protect the lender. If not, then the Debtor should be allowed to restructure what would be a commercial loan under Chapter 11 strictures. Doesn't seem that difficult.
In reply to Shouldn't the relevant by gtschirgi@secu…
Agreed. Was an appraisal
Agreed. Was an appraisal obtained by the lender prior to making the loan that bifurcated the house value & farm land value ??
Did the lender rely on the rental income from the farm land to repay the mortgage ??
All important factors that should have been fleshed out.