CMA vs Appraisal(?)

[Nanzee]

Hi - we had our 341 meeting this past Monday. One of the things the trustee wrote is that he wants a written appraisal - not a CMA. Our attorney is telling us that our CMA just needs a date on it that the realtor came into our house. That makes no sense to me - should we listen to our attorney, or just ask this realtor to give us an appraisal, which I know we will have to pay for? For God sakes, I am getting more and more frustrated with not being able to feel confident in the attorney that we are paying a whole lot of money to. We are supposed to produce this by next week (wens.). I feel like I should ignore what our attorney said and just pay for an appraisal - we have everything else the trustee asked for (explanations about withholdings on my husband's paycheck, and our last 3 mths bank statements since we filed). Our CMA was very detailed, so I feel this is just the trustee giving us a hard time, which I accept, I just would like to know I am doing the right thing. Thanks again.

[StartingOver08]

If the Trustee is looking for an appraisal and not a CMA, then get an appraisal. The appraisals are completed in an entirely different format. You have to hire an appraiser to appraise your house - not a general realtor. Some Realtors can prepare an appraisal, but not the vast majority of them. In order to get your appraisal delivered on time you would need to contact an appraiser today. Ask your Realtor for a referral to one.

[debtinohio]

My appraisals were $185 and they were sent direct to my attorney. They guy was here for a total of 10 mins. lol.

[AngelinaCatHub]

My appraisals were $185 and they were sent direct to my attorney. They guy was here for a total of 10 mins. lol.

doesn't matter how long he was there if he knows his stuff and that in the OP's case, satisfies the Trustee.

I was in the service business and had a minimum charge. When a customer would tell me I fixed their machine in only ten minutes, they should only pay for ten minutes. My response was, "you are not paying for what I do, you are paying for what I know to do, your machine was not working when I arrived, it works now. That is what you're paying for." Of course, I said it in a nice way.

There was only once occasion I thought I would not be paid, so I left my master lock key in the machine and gathered my tools. They told me to leave, then called me back on the sidewalk. "Hey it still doesn't work." My response was, it will after I'm paid. I was paid, then went in and turned the key and left. LOL. I miss those days. 'Hub

[debtinohio]

doesn't matter how long he was there if he knows his stuff and that in the OP's case, satisfies the Trustee.

I was in the service business and had a minimum charge. When a customer would tell me I fixed their machine in only ten minutes, they should only pay for ten minutes. My response was, "you are not paying for what I do, you are paying for what I know to do, your machine was not working when I arrived, it works now. That is what you're paying for." Of course, I said it in a nice way.

There was only once occasion I thought I would not be paid, so I left my master lock key in the machine and gathered my tools. They told me to leave, then called me back on the sidewalk. "Hey it still doesn't work." My response was, it will after I'm paid. I was paid, then went in and turned the key and left. LOL. I miss those days. 'Hub

Yup - I have no problem paying for experience!

[AngelinaCatHub]

Yup - I have no problem paying for experience!

Another quip: A time ago, there was an old boiler long obsolete. Nobody but one old man knew anything about it. They called the old man and told him the whole factory is down and nobody can fix the boiler, could he and for how much? He said, $105.00. They agreed. The old man went to his truck, got a new hammer out, went to the boiler and hit it on the side. The boiler started to work. The old man handed the hammer to the boss and said; $105 please. The boss was outraged and stated, all you did was hit the boiler with a hammer. Why should I pay you so much and what for? The old man said: the $5.00 was for the hammer you bought, the $100 was for me knowing were to hit the boiler. Case closed, boiler working. LOL.

[HHM]

Why does the "trustee" even care? Are you pontentially over the homestead exemption? If the value is for a 2nd mortgage lien strip, the trustee shouldn't care, he is not involved in that issue.

Usually a full-blown appraisal is not necessary, A dated CMA is sufficient unless there is some dispute. If it were me, I would take the trustee to a hearing before the judge and make the judge tell you that you need an appraisal.

[AngelinaCatHub]

Why does the "trustee" even care? Are you pontentially over the homestead exemption? If the value is for a 2nd mortgage lien strip, the trustee shouldn't care, he is not involved in that issue.

Usually a full-blown appraisal is not necessary, A dated CMA is sufficient unless there is some dispute. If it were me, I would take the trustee to a hearing before the judge and make the judge tell you that you need an appraisal.

Yes HHM, but would that not be a bit harsh? I would rather keep the Trustee on my side as well as possible and get an explanation either through my lawyer or calling him directly (if he will talk to you) than to put him in scrutiny of his Judge. Just a thought. 'Hub

[Nanzee]

Well thanks for your suggestions - my husband is going to visit the realtor tomorrow and just be straight with him and tell him what we need. My home is most definitely underwater - it is worth about $140K less now than what we paid for it. The 2nd mortgage is what we are trying to strip - anyway, I think we will get the appraisal, but the trustee may have to give us more time. It is the week before Christmas, for heaven sakes, not the greatest time to rush anything. And here in New York we have a blizzard on the way - gee, maybe the sky will fall too???? Ha!

[JustFileSuit]

Hey folks, the Trustee is just being both cautious and thorough. His job is to make sure the creditors are not getting screwed over. Since you are looking to dump an entire second mortgage off the property, it sure seems that paying $350 for an Appraisal is cheap money. You absolutely need a "certified appraiser," one that has certification for the State Board, so be sure to double-check for this.

Personally, I would not get the Trustee aggravated against me. You need to be cordial with the Trustee. Judges tend to listen to Trustees over the debtor all the time. As a practical matter, just go with the flow. The last thing you need is to get tossed out of bankruptcy court "with prejudice" and have to face the creditors with no refuge for the next two years.

[Nanzee]

My problem was not with the trustee's request - my issue is that this is yet another very unclear communication between us and our attorney. Our attorney - he who is supposed to be representing us - is telling us one thing, and I am clearly reading in black and white something else. That pisses me off - the trustee wants this, fine, but I should not have to figure this stuff out on my own. I hope he gives us more time to do this if we need it - I don't mind taking the bull by the horns, but I did not go to law school, and that is why we did not even attempt this without legal advice. Anyway, thanks again to all for your input.

[JustFileSuit]

If you are not satisfied with the performance of your attorney (and you certainly are not) then you need a new attorney. having a shlock performer working for you in BK Court is a recipe for trouble. As for the deadline of the trustee, since it is very tight, just ask the trustee nicely for a bit more time. Before calling up the trustee, have an Appraiser's name who agrees to do the appraisal, so that you can tell the trustee you are not stringing him along, and tell the trustee when the Appraiser has indicated that he will have it done. The Trustee has a ton of other things to do, and he is not going to bust your chops over an Appraiser needing an extra week or two. But he does not want to get the idea that you are being dilatory to his requests.

And yes, you have every right to be ticked off by the non-performance of your attorney. Start shopping.

[HHM]

Yes HHM, but would that not be a bit harsh? I would rather keep the Trustee on my side as well as possible and get an explanation either through my lawyer or calling him directly (if he will talk to you) than to put him in scrutiny of his Judge. Just a thought. 'Hub

The trustee is your adversary, treat him as such. He has no special power. Everything the trustee does can be taken before the judge to make the final decision. You'd be surprised how compliant the trustee gets when you start taking very objection to a hearing.

[HHM]

If you are not satisfied with the performance of your attorney (and you certainly are not) then you need a new attorney. having a shlock performer working for you in BK Court is a recipe for trouble. As for the deadline of the trustee, since it is very tight, just ask the trustee nicely for a bit more time. Before calling up the trustee, have an Appraiser's name who agrees to do the appraisal, so that you can tell the trustee you are not stringing him along, and tell the trustee when the Appraiser has indicated that he will have it done. The Trustee has a ton of other things to do, and he is not going to bust your chops over an Appraiser needing an extra week or two. But he does not want to get the idea that you are being dilatory to his requests.

And yes, you have every right to be ticked off by the non-performance of your attorney. Start shopping.

Honestly, I am not really sure how the attorney has been a schlock in this case...the OP has shared no other problem, and this issue seems like over reaching by the trustee. I side with the attorney on this issue, the appraisal is NOT NECESSARY.