Another ? about Stripping 2nd Mortgage

[boochase]

Getting ready to file. Met with three attorneys--picked one. Wife and I had consultation. Only debt--my three credit cards and "underwater" 1st and 2nd--so looking to strip. Now here is the problem. In the time since our consult, 4 weeks, it's possible that our home went up in value (based on zillow.com it went up a great deal and we are abovewater; and eppraisal it went up but just slightly underwater; cyberhomes--way underwater). We are in South Florida..attorney we chose has done a ton of these without a hitch. He never mentioned the need for an appraisal. The other day I emailed him and asked again about the need for proof--still waiting for a response. Don't want to include my wife in the filing if we cannot strip the 2nd, for she has no other debt. Should I just wait to file until I get a definitive answer? Should I go ahead and begin paperwork? If motion is denied to strip, can I still remove my wife from the filing? I am sure you see my dilemma. Any advise appreciated.

[newbie2]

Getting ready to file. Met with three attorneys--picked one. Wife and I had consultation. Only debt--my three credit cards and "underwater" 1st and 2nd--so looking to strip. Now here is the problem. In the time since our consult, 4 weeks, it's possible that our home went up in value (based on zillow.com it went up a great deal and we are abovewater; and eppraisal it went up but just slightly underwater; cyberhomes--way underwater). We are in South Florida..attorney we chose has done a ton of these without a hitch. He never mentioned the need for an appraisal. The other day I emailed him and asked again about the need for proof--still waiting for a response. Don't want to include my wife in the filing if we cannot strip the 2nd, for she has no other debt. Should I just wait to file until I get a definitive answer? Should I go ahead and begin paperwork? If motion is denied to strip, can I still remove my wife from the filing? I am sure you see my dilemma. Any advise appreciated.

My 2 cents: Call a real estate agent in your area and ask for a free market analysis on your home. You will get a more accurate market value for the home. (Don't go by the online companies, they include data in their values that is not applicable to current values). You could probably have your answer by the end of the week if you call today.

Then, you will have something more concrete to base your petition on.

Good luck!

[SMinGA]

If you file a joint ch. 13, there is no way to 'remove' your wife from it. Once filed, the bankruptcy reports for 7 years. (7 years for ch. 13, 10 years for ch. 7)

[boochase]

Attorney emailed me yesterday and told me to get an appraisal from realtor. So I contacted the Century 21 office that helped us buy our house. No return email yet. Should I expect to pay for this service? Should I tell the realtor why I need it? Obviously I want the most conservative appraisal. Appreciate comments. BTW this BK process is more complex than I realized.

[StartingOver08]

The service is free. Tell the Realtor you are looking for a quick sale price with comps that have sold in the past 90 days only. You are looking for a CMA. You can even get a couple of different CMA's from different agents - use experienced agents only. Not newbies.

[HHM]

What you need is a Current Market Analysis (CMA) that a Realtor can do. If you are not going to hire the Realtor, they may charge you a small fee, expect about $100. Which is reasonable, a "good" CMA is more than just a computer model valuation, they will go in and select specific houses with features etc, and generate a report.