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Supreme Court Passes on Dispute Over Debtor’s Mortgage Repayment

April 5, 2021, 1:41 PM

The U.S. Supreme Court declined to review a Chapter 13 debtor’s bid to pay off his U.S. Bank NA mortgage based on the market value of his home rather the total amount owed on the loan.

The Monday decision not to take the case leaves intact an October opinion from the U.S. Court of Appeals for the Third Circuit that modifying the mortgage in this way would violate the bank’s rights on a secured claim.

Debtor Lloyd Allan Jones argued that the bank’s claim to mortgage payments in excess of the market value of the property was an unsecured claim....

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