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IN RE BALLENGEE

Bankruptcy No. 84-0067, CM No. 84-0043.

39 B.R. 62 (1984)

In re David and Caroline BALLENGEE, Debtors. INLAND MORTGAGE CORPORATION, Plaintiff, v. David and Caroline BALLENGEE, Nancy Michels, Trustee, Defendants.

United States Bankruptcy Court, D. New Hampshire.

May 5, 1984.

Attorney(s) appearing for the Case

Richard Peppe, Derry, N.H., for Inland Mortgage Corp.

Raymond Kelly, Manchester, N.H., for debtors.

Nancy Michels, Trustee.

MEMORANDUM OPINION AND ORDER

JAMES E. YACOS, Bankruptcy Judge.

This case presents the Court with the legal equivalent of a game of mirrors. The Veterans' Administration of the United States (hereinafter "VA"), acting through its home-mortgage guaranty program, in January of 1983 approved mortgage financing for the debtors which permitted them to buy a home for $87,900 with little down payment. To cover the required monthly mortgage payments it was clear...

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