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What Is A Bankruptcy Appraisal For Real Estate

By Fran Kemp

A good way for many to start over financially is by filing bankruptcy. The value of the property or properties should be determined by means of a bankruptcy appraisal. An accurate assessment of the property is attained when one is able to find a professional and qualified appraiser.

Finding the right appraiser is easier said than done, as there is no guarantee that an accurate assessment of the properties or property will be done. The report needs to be comprehensive enough to convince the court to accept and comprehend the report.

This is not always the case, as there is staff that are want to help and are serious about the task. There has been a massive drop in the value of real estate over the last number of years. In two thousand and six the market was at a high and the all time low was in two thousand and nine.

To further highlight this, if a property was worth one hundred and eighty thousand in two thousand and six, it was worth one hundred and eighty thousand in two thousand and nine. This represents a staggering thirty nine percent fall in the value of real estate. This fact has not helped people to keep their homes.

Liquidation lawyers are dealing with thousands of inquiries and consult many homeowners who face foreclosure every month. The amount is ever increasing. The lawyers are able to proved protection to the homeowners from the laws that are in place to cover them. Refinancing debts may be stripped away if there is equity in the value of the property, in the event of chapter 13 bankruptcies. During the entire process, there should be no equity in the property.

Homeowners are barraging bankruptcy attorneys demanding consultations for the purposes of seeking relief under the bankruptcy laws. This protection allows homeowners with second and third mortgages to strip these second and third mortgages under chapter thirteen. This translates to homes that have no equity can have these mortgages placed under bankruptcy. The condition for this is that there cannot be one dollar of equity in the property. The other condition is that the homeowner stays in chapter thirteen until it is completed.

The attorney will request the homeowner to obtain a bankruptcy appraisal from a certified real estate appraiser. The appraiser must be qualified just as the attorney should be qualified. Inquire about his experience and qualifications. He would need to be licensed in the state in which he operates. They should have a certification number and the homeowner is entitled to ask for this.

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Article Citation
MLA Style Citation:
Kemp, Fran "What Is A Bankruptcy Appraisal For Real Estate." What Is A Bankruptcy Appraisal For Real Estate. 14 Aug. 2010. uberarticles.com. 3 Aug 2014 <http://uberarticles.com/finance/credit-and-debit/all-about-a-bankruptcy-appraisal/>.

APA Style Citation:
Kemp, F (2010, August 14). What Is A Bankruptcy Appraisal For Real Estate. Retrieved August 3, 2014, from http://uberarticles.com/finance/credit-and-debit/all-about-a-bankruptcy-appraisal/

Chicago Style Citation:
Kemp, Fran "What Is A Bankruptcy Appraisal For Real Estate" uberarticles.com. http://uberarticles.com/finance/credit-and-debit/all-about-a-bankruptcy-appraisal/


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