General Motors Acceptance Corporation v. Noel G. Cervantes Arnel J. Cervantes

980 F.2d 737 NOTICE: Ninth Circuit Rule 36-3 provides that dispositions other than opinions or orders designated for publication are not precedential and should not be cited except when relevant under the doctrines of law of the case, res judicata, or collateral estoppel. GENERAL MOTORS ACCEPTANCE CORPORATION, Plaintiff-Appellant, v. Noel G. CERVANTES; Arnel J. Cervantes, Defendants-Appellees. No. 91-35950. United States Court of Appeals, Ninth Circuit. Argued and Submitted Aug. 20, 1992. Submission Deferred Sept. 1, 1992. Resubmitted Dec. 8, 1992. Decided Dec. 10, 1992. Before HUG, D.W. NELSON and T.G. NELSON, Circuit Judges. 1 MEMORANDUM * 2 Noel and Arnel Cervantes purchased a condominium on May 22, 1985. The purchase was financed by a mortgage loan and was subsequently assigned by the originating lender to the Alaska Housing Finance Corporation (AHFC) and by it to the Federal National Mortgage Association MA . GMAC Mortgage Corporation (GMAC) acts as servicing agent on the mortgage. Because of a downturn in the Alaskan economy, the fair market value of the condominium fell to $33,000, far less than the $76,000 still outstanding on the debt. 3 The debtors filed their Chapter 13…