Bankruptcy or Legal Proceedings

• -unemployment rates highest in over 15 years
• -property values continue to decline 
• -foreclosure rates highest level in years
• -25% of residential mortgages underwater
• -1 in 10 homes delinquent 
• -bankruptcy filings occurring at an unprecedented rate

Do you fit in one of these categories.  If so you are probably heading toward making one of the hardest decisions in your life, to declare bankruptcy or not. Considering the statistics above you are not alone.

Bankruptcy rates across the nation are up by 30%

Protection of your home is critical and of all the important steps to take you must ensure you have an accurate valuation of your home.

There are many forms of valuation including automated valuation models (AVM's), Desktop Appraisal or Drive-by Appraisal, a BPO (broker price opinion), a CMA (comparative market analysis) or a free online value service such as Zillow. You can spend little to no money getting results, however, none of these will be worth their weight in a court of law!

The key in a bankruptcy proceeding, particularly when the difference between a chapter 7 or 13 is the credibility. Because the trustee and/or the judge will be the final arbiter, credibility of the appraiser/valuer and his or her appraisal is of the utmost importance.  This credibility is often dependent upon the type of valuation reporting format utilized as well as the experience and reputation of the appraiser.

Typically, the judge wants to see a full appraisal completed by a state certified residential appraiser.  An appraiser must be certified by the state in which they are appraising and are obligated to follow certain laws, rules and regulations (USPAP).  Having a full interior appraisal to present to the trustee and/or judge will show that you are serious about your proceedings and that you are knowledgable of the appropriate steps to take. 

Our team of state certified residential appraisers are experienced in dealing with the requirements necessary to complete an appraisal for bankruptcy proceedings. We work quickly and efficiently and understand you are trusting us with a very important decision in your life!