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IN RE BELLAMY

Bankruptcy No. 5-90-00688.

126 B.R. 134 (1991)

In re Jimmie BELLAMY and Cynthia Bellamy, Debtors.

United States Bankruptcy Court, D. Connecticut.

April 19, 1991.

Attorney(s) appearing for the Case

Ira B. Charmoy, George W. Derbyshire, Law Offices of Ira B. Charmoy, Bridgeport, Conn., for debtors.

Carla E. Craig, Hertzog, Calamari & Gleason, New York City, Dean S. Cooper, Associate Gen. Counsel, Federal Home Loan Mortg. Corp., Reston, Va., Richard A. Roberts, Fazzone, Nuzzo & Baille, P.C., Cheshire, Conn., for Federal Home Loan Mortg. Corp.

MEMORANDUM AND ORDER ON CONFIRMATION OF CHAPTER 13 PLAN

ALAN H.W. SHIFF, Bankruptcy Judge.

The debtor seeks confirmation of its chapter 13 plan. For the reasons that follow, confirmation is denied.

I.

On May 24, 1987, the debtors purchased as their principal residence real property located at 135 Clover Hill Avenue in Bridgeport, Connecticut (the "residence"). To finance the purchase, the debtors gave Comfed Mortgage Co., Inc. a $133,000...

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