Protecting You & Your Home in Bankruptcy
It is essential to see options to protect your house and property by having accurate valuation while filing for bankruptcy.
The appraiser may compare your home with the recent sales in your neighborhood to determine the market value. While filing for bankruptcy you may require to show the court financial documents for your current income and debt. Bankruptcy appraisal is the best way to prove to the court that the value of your house mentioned in the appraisal document is accurate. And not be unreasonably outdated or obsolete. Homes must also have a potable water supply and safe sewage disposal.
It is easier to keep your home when you are not seeking total liquidation of all your assets, and have a second mortgage or if you have no equity after subtracting your first mortgage balance. You may be able to protect some of your equity, but it entirely depends on your state's exempt property laws. The bankruptcy appraisal and the court’s belief in the accuracy of the documents may influence the outcome if you can keep or lose your home. Bankruptcy judges only accept state-licensed appraisers who are experienced with a history of preparing accurate appraisals. The bankruptcy court has the final authority to accept or reject your home appraisal report and its market value. This authority to make or break your bankruptcy petition makes it crucial that the appraisal firm prepare a thorough, detailed report with accurate data. The court takes into consideration the importance of a strongly supported appraisal report, to allow and permit a successful bankruptcy filing.
For successful bankruptcy appraisal, it is important to hire highly experienced, well-respected appraisers, who have expertise in creating high-quality bankruptcy appraisals. If you expect the court's decision to be in your favor it is important to hire an appraiser who specializes in performing bankruptcy appraisals. Veteran bankruptcy judges tend to receive appraisal reports from firms that understand the process and the significance of preparing a fully supported real estate appraisal for bankruptcy proceedings. Unlike an appraisal, which analyses true market value, a typical home inspection considers overall property condition from the buyer's perspective. Appraisals for various government-backed programs like Veterans Affairs loans and Federal Housing Administration and requires both interior and exterior inspection of a home.
Call us today at (949) 866-2068 to know more about your bankruptcy options.