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IN RE STROBER

Bankruptcy Nos. 091-70586-21, 091-70089-21.

136 B.R. 614 (1992)

In re Ross M. STROBER and Marlene S. Strober, Debtors. In re Gayle SUTTON, Debtor.

United States Bankruptcy Court, E.D. New York.

March 10, 1992.

Attorney(s) appearing for the Case

Bruce H. Kaplan, Melville, N.Y., for Ross & Marlene Strober.

Allan Mendelsohn, Zavatsky & Mendelsohn, Syosset, N.Y., for Dime Sav. Bank.

Marianne De Rosa, Mineola, N.Y., Chapter 13 Trustee.

Douglas T. Tabachnik, Gersten, Savage, Kaplowitz & Curtin, New York City, for Gayle Sutton.

Ronald M. Terenzi, Berkman, Henoch, Peterson & Peddy, Garden City, N.Y., for Citibank, N.A.

OPINION

CECELIA H. GOETZ, Bankruptcy Judge.

These two cases raise the same issue: Can the holder of a mortgage on a Chapter 13 debtor's principal residence be forced to accept in full satisfaction of its mortgage pursuant to a Chapter 13 plan an amount substantially less than what is owed? Stated another way: Can a Chapter 13 plan "strip down" a creditor's mortgage on the debtor's residence to the current value of the residence when that value is less than...

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