- No. 14-11408 (11th Cir. Aug. 21, 2014)
- Order allowing debtor to extinguish second-priority mortgage lien on home when first-priority lien exceeded fair market value of home was affirmed, with the Court observing that it was bound to follow prior-panel decisions In re McNeal, 735 F.3d 1263 (11th Cir. 2012) and Folendore v. United States Small Bus. Admin., 862 F.2d 1537 (11th Cir. 1989) holding that section 506(d) allows a chapter 7 debtor to "strip off" a junior mortgage lien when the senior lien exceeds the home' value.
- Procedural context:
- Appeal of district court order affirming bankruptcy court order.
- Debtor Yvonne Waits obtained order from bankruptcy court extinguishing second priority mortgage lien after determination that value of home was less than amount of first-priority mortgage lien. Mortgagee Bank of America appealed, but conceded on appeal that Circuit Court is bound to follow prior panel precedent absent contrary ruling of Court sitting en banc or of the Supreme Court.
- TJOFLAT, JORDAN, and BLACK, Circuit Judges
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