Melvin Ray Rogers

UNITED STATES BANKRUPTCY COURT
EASTERN DISTRICT OF NORTH CAROLINA
RALEIGH DIVISION
IN RE:
MELVIN RAY ROGERS
DEBTOR
CASE NO.
05-04110-5-ATS
ORDER REGARDING MOTION FOR VALUATION
AND OBJECTION TO CONFIRMATION
The matter before the court is the motion for valuation filed by
the debtor and the objection to confirmation filed by Real Time
Resolutions, Inc. ("RTR"). A hearing took place in Raleigh, North
Carolina on December 20, 2005.
Melvin Ray Rogers filed a petition for relief under chapter 13 of
the Bankruptcy Code on September 23, 2005. He filed a motion to value
his property at 504 Barksdale Drive, Raleigh, North Carolina,
contending that the fair market value is less than the amount of the
first deed of trust against the property, and the second deed of trust
held by RTR should be treated as unsecured. RTR filed an objection to
confirmation of the debtor’s plan, which treats RTR as unsecured based
on the debtor’s valuation of the property.
Mr. Rogers contends that the property on Barksdale Drive is worth
$83,650. Chase Manhattan Mortgage Corporation holds a first deed of
trust against the property in the amount of $83,461. The Wake County
Department of Revenue holds a lien in the amount of $1,104.79. RTR’s
Case 05-04110-5-ATS Doc 23 Filed 12/21/05 Entered 12/22/05 07:33:20 Page 1 of 2

1 Mr. Rogers filed his bankruptcy petition prior to the expiration
of the 10-day upset bid period, so the foreclosure sale was not
completed.
2
claim is approximately $58,788. Though the tax value of the property
is $108,000, Mr. Rogers testified that his property is in poor
condition and is worth less than $84,000. Mr. Rogers testified that
the house next door recently sold for $100,000, but the property is
distinguishable because his neighbor spent substantial sums landscaping
and adding aluminum siding to his house. Mr. Rogers also relies on the
fact that prior to his filing bankruptcy, Chase foreclosed on the house
and it sold for only $83,625.1
Based on the Wake County tax value and the sales of comparable
properties, the court concludes that the value of the property is at
least $100,000, and RTR’s lien may not be stripped. The court will
allow the debtor some time to modify his plan to accommodate RTR’s
secured claim, and will set this matter for a status conference in
approximately 30 days.
SO ORDERED.
DATED: December 21, 2005
Case 05-04110-5-ATS Doc 23 Filed 12/21/05 Entered 12/22/05 07:33:20 Page 2 of 2