Lloyd Allan Jones v. U.S. Bank, N.A., as Trustee for Residential Asset Securities Corporation, et al.

This Petition presents the Court with an issue that would define how the American dream of a home ownership is supported by the Bankruptcy Code and clarify the manner in which the Bankruptcy Code allows property owners to retain their property in exchange for the payment of the present value of that property to a creditor with a security interest in that property. Petitioner is a Chapter 13 Debtor attempting to save his home. The United States Court of Appeals for the Third Circuit ignored the plain English meaning of the word “modification” and recent Supreme Court commentary to subject the case to an overly broad interpretation of this Court’s holding in Nobelman v. Am. Savings Bank, 508 U.S. 324, 113 S.Ct. 2106, 124 L.Ed.2d 228 (1993). THE QUESTION PRESENTED IS: Whether 11 U.S.C. § 1325(a)(5)(B) allows Petitioner to satisfy Respondents’ claim secured by Petitioner’s home via a Chapter 13 Plan pursuant to 11 U.S.C. § 1325(a)(5)(B)?