Nancy Jean Wandlass

OCR transcription for search; preserved printed pages are authoritative

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AUTHENTICAT,
US. GOVERNMENT,
INFORMATION

GPO

Entered on Docket
October 22, 2007

GLORIA L. FRANKLIN, CLERK
U.S BANKRUPTCY COURT
NORTHERN DISTRICT OF CALIFORNIA

Signed and Filed: October 19, 2007

NL Le.

THOMAS E. CARLSON
U.S. Bankruptcy Judge

UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF CALIFORNIA
In re Case No. 05-32778 TEC

NANCY JEAN WANDLASS, Chapter 11

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Debtor. )
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MEMORANDUM RE ORDER SHORTENING TIME FOR MOTION
RE MODIFICATION OF STIPULATION FOR RELIEF FROM STAY

On October 15, 2007, this court denied Debtor’s motion for
modification of a stipulated order granting secured creditor CIT
relief from stay as of September 13, 2007 regarding the property at
2266 Jackson Street, San Francisco (the Property). CIT apparently
conducted a foreclosure sale on October 15th, at which it purchased
the Property itself by credit bid. Debtor now seeks: (1) to have
this court stay CIT from transferring the Property to any third
party; and (2) an order shortening time for a motion for
reconsideration of this court’s refusal to set aside the relief
from stay stipulation. In support of Debtor’s latest request, she
represents inter alia: (1) that Wells Fargo Bank supports her
request, because their junior lien on the Property was wiped out

via the foreclosure sale; and (2) that there is adequate value in

MEMORANDUM RE ORDER SHORTENING TIME

:05-32778 Doc#194 Filed: 10/19/07 Entered: 10/22/07 10:53:12 Page 1 of
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the Property to pay Wells Fargo in full. Debtor had previously
represented that she expects to receive a large commission in the
near future that would enable her fully to reinstate the CIT loan.
For the following reasons, I grant the order shortening time,
but decline to stay further transfer of the Property. It might be
appropriate to grant the motion for reconsideration if Wells Fargo
in fact supports Debtor’s motion for reconsideration and is ready
to reinstate the CIT loan. In such circumstances, the court might
vacate the stipulation to permit such reinstatement, then grant all
secured creditors final in rem relief from stay, permitting Debtor
to use her commission to deal with Wells Fargo and to pay future
mortgage payments as they came due from her future income. There
being no assurance of any payment to CIT, Debtor having had
substantial time under the protection of the automatic stay, and it
being unlikely CIT will close a sale to a bona fide purchaser
before an October 29th hearing, an order restraining CIT from

transferring the Property is not appropriate at this time.

**END OF ORDER**

MEMORANDUM RE ORDER SHORTENING TIME

Case: 05-32778 Doc#194 Filed: 10/19/07 Entered: 10/22/07 10:53:12 Page 2 of

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1 Court Service List

3 Nancy J. Wandlass

101 Lombard Street
49Suite 506W

San Francisco, CA 94111

Kevin Hahn, Esq.

6liLaw Offices of Malcolm and Cisneros

2112 Business Center Drive, 2nd Floor

7 Irvine, CA 92612

8 William McLaughlin, Esq.

1305 Franklin Street, Suite 301
9HOakland, CA 94612

10llawrence R. Sussman, Esq.

Law Offices of Lawrence R. Sussman

111120 Montgomery Street, Suite 2100

San Francisco, CA 94104

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Michael A. Issacs, Esq.

13 Luce Forward Hamilton & Scripps

121 Spear Street, Suite 200

14 |/San Francisco, CA 94105

15 Office of the U.S. Trustee

235 Pine Street, Suite 700

16 lSan Francisco, CA 94104

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Case: 05-32778 Doc#194 Filed: 10/19/07 Entered: 10/22/07 10:53:12 Page 3 of
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