In the Matter of Ricchi, No. 09-45062; U.S. Bankruptcy Court (DNJ); opinion by Wizmur, U.S.B.J.; filed May 17, 2012. DDS No. 42-6-6451 [19 pp.]
The residence of debtors Michael and Joanne Ricchi was encumbered by two mortgages, the first held by GMAC Mortgage and the second by Ditech.com. They also executed a mortgage on the property in favor of Michael Ricchi’s parents. Later, to fund their purchase of a video store business, the debtors signed a note in favor of the Hadtke group. As collateral, they executed a mortgage in favor of the Hadtke group against their residence.
