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Section 363(b)(1) provides that a trustee may sell property of the bankruptcy estate after notice and a hearing, while Section 363(f)(2) enables a debtor or trustee to sell property free and clear of any interests if the lien holding entities consent. The BAP first reviewed the bankruptcy court’s grant of the debtor’s motion to sell for an abuse of discretion.
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The BAP affirmed the bankruptcy court’s decision, finding that the court did not abuse its discretion in granting the motion to sell and that the loan servicer failed to sustain its burden for a motion for reconsideration under Fed. The loan servicer appealed, claiming again that the sale price of the condominium was inadequate and that the bankruptcy court abused its discretion by failing to follow proper procedures when granting the motion to sell. The bankruptcy court denied the motion to reconsider, stating that the lien holders received adequate notice and that there was no evidence of bad faith. The loan servicer acknowledged receiving notice of the debtor’s motion, but cited administrative error as justification for its untimely objection, and also argued that the condominium’s sale price was inadequate. The following day, the loan servicer filed a motion to reconsider the sale order and filed an objection to the debtor’s motion to sell. No party in interest objected by the deadline, and the bankruptcy court entered the sale order without a hearing. The debtor served the motion, a proposed order to sell, and a notice of motion and hearing on all lien holders, as well as on the first mortgage holder’s loan servicer. After the bankruptcy court had confirmed the debtor’s Chapter 13 plan, the debtor filed a motion to sell his condominium free and clear pursuant to Section 363(f). The BAP for the First Circuit affirmed a bankruptcy court decision granting a debtor’s motion to sell his condominium free and clear of liens, while denying a loan servicer’s motion for reconsideration of the sale order.