Bank of America, NA v. Phillips (In re Phillips)

Citation:
Bank of America, N.A. v. Phillips (In re Phillips), Case No. 14-12585 (11th Cir. Sept. 29, 2014) (unpublished)(per curiam).
Tag(s):
Ruling:
The Eleventh Circuit held that the McNeal and Folendore decisions are binding precedent in affirming the decision of the bankruptcy court and the district court which permitted chapter 7 debtors to strip a second mortgage on their home that was completed underwater
Procedural context:
Appeal from the United States District Court for the Northern District of Georgia, affirmed.
Facts:
Chapter 7 debtors sought to strip second mortgage on their homestead property which was wholly unsecured. The debtors sought to void the bank's lien under section 506(d) of the Bankruptcy Code. The Eleventh Circuit noted that should the bank petition for an en banc consideration of the issues raised by the appeal, the Eleventh Circuit should "seriously consider the petition."
Judge(s):
Wilson, Rosenbaum, and Cox, Circuit Judges

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