Real Estate Bankruptcy Appraisals Fresno, CA
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(559) 761- 2370
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What qualifies an Appraiser to appraise your home? Licensed California Real Estate Appraisers must have formal education in appraisal procedures, appraisal theory , appraisal economics, appraisal law and appraisal ethics.
What does this mean? It means that before appraisers receives their license, they must complete education requirements and work under a supervisor appraiser for two years. Appraisers must then pass state board exams before they can become a Licensed Appraiser.
When you order an appraisal from a licensed appraiser you can be assured that they have education but what about experience?
An experienced licensed appraiser is one that has been appraising for a number of years, continues with their education and knows your area.
Here is a quick check off list to get you started. By clicking here you will be taken to a PDF file for downloading. Check off List
For attorneys guiding clients through the complex bankruptcy process, the key is an accurate bankruptcy appraisal from a licensed appraiser, one that is delivered on time and stands up to judicial scrutiny.
Federal Bankruptcy Reforms 2005
It is more important than ever to have an accurate bankruptcy appraisal. The professionals at Fresno Appraisal delivers accurate appraisals that get the desired results for our clients.
Whether you’re a homeowner trying to get out of a mountain of debt or a bankruptcy attorney trying to relieve your clients’ debt, you need a bankruptcy appraisal that you can count on being as accurate a reflection of your property’s real market value as possible.
How Much does an Appraisal Cost?
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(559) - 761 - 2370
How Do I Pay?
We understand your situation and keep our fees as low as possible. We may not be the most inexpensive but we are competitive. If you order an appraisal from Fresno Appraisal Service or from another appraisal company, make sure to select an appraiser with experience. We take visa,square, discover and MasterCard. You can also pay for your appraisal with a money order or cash.
What is a Bankruptcy Appraisal?
When you file for bankruptcy, you must provide the court with a total financial snapshot of your current income, debt and other obligations. While establishing values for most of these things is relatively easy, determining the current value of your home can be challenging. A bankruptcy appraisal is the best way to prove to the court that your value, as written in your bankruptcy documents, is accurate. The experience, credibility and industry reputation of the appraiser are critical to the bankruptcy judge in accepting or rejecting your home valuation as accurate.
Much like the appraisal required for getting a mortgage loan, a bankruptcy appraisal report establishes an opinion of your home's fair market value. By comparing your home to between three and six recent house sales in your neighborhood, the appraiser uses factual data to support the value certified in the report. .
You are not alone. There are hundreds if not thousands of people in your same situation.
Typically your lawyer will need to know the value of your home. Although online appraisals are available and free, a bankruptcy requires a valuation from a licensed appraiser.
Will filing for bankruptcy stop foreclosure?
Bankruptcy stops a foreclosure in its tracks.
The filing triggers the automatic stay which stops all creditors from any action to collect their claim including foreclosure.
In Chapter 7, the stay lasts only as long as the property is not abandoned by the trustee, as either valueless to the estate or as exempt,or until the case is closed.
A credit or secured by the house can seek relief from the stay, to complete the foreclosure if there is danger that the secured claim will become greater than the value of the security during the bankruptcy.
Since the creditor’s lien is not eliminated by the bankruptcy, Chapter 7 provides temporary relief from foreclosure, but no lasting solution. Liens survive bankruptcy, unless there is a particular statute that allows the court to void the lien.
In contrast, in Chapter 13, the stay lasts as long as the case is pending.
Chapter 13 is designed to allow debtors to cure defaults in their home mortgages by paying over as long as 3 to 5 years. If you are able to pay the regular monthly payment and contribute enough money to a Chapter 13 plan to bring the mortgage current by the end of the plan, you can save the house. Chapter 13 may also protect the house from foreclosure while a loan modification is considered.
What next? So, bankruptcy can clearly stop the foreclosure in the short term. Whether it’s a long term solution depends on your goals and your ability to cure the underlying problem.
Consider, too, whether it makes sense to keep. If yes, continue reading.
You will need an accurate value filing bankruptcy.
That way your attorney can fill out your Schedule B accurately, attach a formal appraisal and expedite your discharge.
There are several deadlines during the bankruptcy process that must be meant. Missing any of these deadlines and you are back to square one.
When you file for bankruptcy, you must provide the court with a total financial snapshot of your current income, debt and other obligations. While establishing values for most of these things is relatively easy, determining the current value of your home can be challenging.
A bankruptcy appraisal is the best way to prove to the court that your value, as written in your bankruptcy documents, is accurate. Our experienced, credibility and professional appraisers know what needs to be done and said in your report. The bankruptcy judge looks for correct , well support reports on your home's value.
A bankruptcy appraisal is similar to the mortgage appraisal in that it is used to show and support a value for a property. This value is defined as the "Market Value" By comparing your home to between three and six recent house sales in your neighborhood, our appraisers uses factual data to support the value certified in the report. While our appraisers establishes a specific market value of your home, like all appraisals, the resulting number is an opinion of value.
Bankruptcy reform legislation adopted in 2005 makes the bankruptcy appraisal highly important in whether the court approves you for a Chapter 7 liquidation bankruptcy or requires you to file a Chapter 13 debt repayment bankruptcy.
Although a Chapter 13 bankruptcy requires that you work out a
repayment plan with creditors, it is easier to keep your home, since you are not seeking total liquidation of all assets.
Bankruptcy appraisal and the judge's belief in its accuracy may influence whether you can keep or lose your home.
Bankruptcy Court Authority
The bankruptcy judge has final authority for all proceedings, including accepting or rejecting your home appraisal report and value. This authority to make or break your bankruptcy petition makes it crucial that the person or firm performing your bankruptcy appraisal prepare a thorough, detailed and
strongly supported report.
One more time - a bankruptcy appraisal needs to be well written, detailed and strongly supported report. Typically, bankruptcy judges will only accept state-licensed appraisers. Bankruptcy appraisers need to be experienced and have a proven history of preparing accurate appraisals.
We work with home owners each day and can help you with your home's value. Are you working now with a bankruptcy professional. If so have her give us a call. Our appraisers are Licensed Legal California State Real Estate Appraiser and specialize in helping home owners. A bankruptcy appraisal will answer the question "How much is my home worth?". Your legal appraisal report is Uniform Standards of Professional Appraisal Practice complaint, credible, well supported, and defensible . Your report will contain the bankruptcy court's required information and research.
1) Desktop appraisal – This does not require us to physically inspect the property and sale comparables and is my least expensive service. Just attach a completed property survey with your order and I can quickly provide you with this service.
2) Drive-bye appraisal – This does not require us to inspect the interior of the property. Therefore, we do not need to disturb the occupant to perform the appraisal. This is our mid level service. Just attach a completed property survey with your order and we can quickly provide you with this service.
3) Full exterior and interior appraisal – This is the most complete and accurate appraisal service we provide. We do need to access the interior of the property for a full inspection of the property.
We want you to be successful in your bankruptcy filing. Take the time now to research and ask questions.
While few appraisers perform only bankruptcy appraisals only, there are typically some highly experienced, well-respected appraisers, with a proven history of creating high-quality bankruptcy appraisals, in any area.
Choosing an appraiser who specializes in performing bankruptcy appraisals is a wise option. Our appraisers understand the process and the significance of preparing a fully supported real estate appraisal for bankruptcy proceedings.
How to Start Bankruptcy
The following information should be used as a guide.
Step 1 — START WITH SEARCH
The internet is your open library with an abundance of information about bankruptcy. Where do you begin? Start with some simple Google searches. An example would be “bankruptcy California” or ask Google a question. “Where to find a bankruptcy lawyer” I think you will be surprised with the number of hits that these two searches produce. Read down through the lines. Did you notice some key words coming up? Bankruptcy, lawyer, Attorney, etc. Using these terms filter down your next search. This will produce the resources you need to educate yourself about bankruptcy before contacting a lawyer. Bankruptcy is a big decision so you should try to understand the bankruptcy process and the pros and cons of filing.
Step 2 — FIND A GOOD BANKRUPTCY ATTORNEY. read more
Schedule a free consultation with a local bankruptcy attorney in your area. At the consultation, the attorney will gather necessary information regarding your income, household size, and your monthly expenses so they can get a good idea of what your budget looks like. The attorney will also ask you to provide details about any property or assets you own, like your house,cars, boat, stocks, life insurance policies, savings, or other investments. The attorney will also want to know a little of your financial history; whether you're being sued, and whether you have owned any property in the past that you have recently sold or transferred.
Your attorney will then advise an appropriate course of action. If your attorney feels bankruptcy is right for you, he will go over the options available under the Bankruptcy Code and help you determine what Chapter is a better fit for you.
Step 3 — RETAIN A BANKRUPTCY ATTORNEY
In a Chapter 7 bankruptcy, your attorney's fees typically must be paid prior to the filing of your case;otherwise the attorney's fees would be eliminated in the bankruptcy with all your other dischargeable debts. Many bankruptcy attorneys can be retained for as little as $100 and offer payment plans for the balance.
In a Chapter 13 bankruptcy, the majority of the attorney's fees are typically included in your monthly repayment plan and aren't required prior to filing your bankruptcy.
Step 4 — READ EVERYTHING BEFORE YOU SIGN
Your attorney will prepare your bankruptcy petition once your fees have been paid. In addition to using the information he or she gathered at the initial consultation, your attorney may require additional documents to prepare your petition (pay stubs, tax returns, a credit report, an appraisal of your home, etc. )
Once the attorney has completed the bankruptcy petition, you will be given a copy to review with your attorney or own your own. When reviewing your petition, make sure all your personal information is correct - especially your name, address and social security number. You also want to make sure all your
debts are listed on the petition. It will cost you extra money to add a bill that wasn't included on the filed bankruptcy petition.
Step 5 — DO YOU NEED COUNSELING? I know I need counseling just to understand what is happening.
Go and ask questions! Before your bankruptcy is filed, you must receive a credit counseling briefing from an approved non-profit credit counseling agency. The counseling briefing is a question and answer session with a counselor who will evaluate your financial situation and verify if filing bankruptcy is right for you. The briefing usually takes from 45-90 minutes and can be via telephone, in person, or online. If the course is not completed within the 180 days prior to filing your bankruptcy, your case will be dismissed.
Step 6 —Your Case is Filed!
Your bankruptcy attorney then files your petition with the Bankruptcy Court officially starting your bankruptcy. The filing of your bankruptcy will also commence the automatic stay which prohibits and protects you from collection actions by your creditors. In addition, the Bankruptcy court will also assign a Trustee to administer your case at the time your case is filed, and your 341 Meeting of the Creditors will be scheduled.
Step 7 — Complete the Debtor Education/Financial Management Briefing
After your case is filed, you must complete your second counseling briefing. The second briefing is called the Debtor Education or Financial Management Briefing. This course is of an instructional nature and is tailored around managing your personal finances after bankruptcy. The class takes approximately
two hours and can be done over the telephone, in-person, or online. In a Chapter 7, you must complete this course within 60 days after your 341 Meeting. In a Chapter 13, you must complete your course before the end of your repayment plan.
Step 8 — Attend Your "341 Meeting"
You are required to attend a meeting with your assigned bankruptcy Trustee and testify under oath as to the accuracy of your filed petition. The "341 Meeting" is held approximately 30-45 days after the filing of your bankruptcy. "341 Meetings" are usually relatively short and painless, and it is unlikely that any of your creditors will actually attend the meeting, even though it is also referred to as a "Meeting of the Creditors". Your bankruptcy attorney will be present at this meeting to represent and assist you. Per the Bankruptcy Code, all required Trustee documents must be tendered to the Trustee by you or your attorney 7 days prior to the 341 Meeting. These documents vary by Trustee and jurisdiction, but will usually include your last two years of tax returns and 60 days of pay stubs.
Step 9 — Receive Your Discharge
In a Chapter 7 bankruptcy, you receive your discharge after your Debtor Education Briefing has been completed and as soon as the 60 day time period for your creditors to object to discharge expires. In a Chapter 7 bankruptcy, your discharge papers usually arrive 2-3 months after your "341 Meeting". In a Chapter 13 bankruptcy, you receive your discharge after your Debtor Education Briefing has been completed and you have made all required Chapter 13 Repayment Plan payments. Once you have received your discharge, all your creditors are prohibited from EVER collecting on the debt you eliminated in your bankruptcy.
Step 10 — Rebuild your Credit
Once your bankruptcy has been discharged, concentrate on rebuilding your credit.