LIEN STRIP, Need help with the Value of a Property

[scs30885]

I live in Forida and own a duplex

The Broward County Tax Assessor's office assessed it at $88,000

I owe 128,000 on the 1st and $116,000 on the 2nd (HELOC)

I want to do a lien strip and get rid of the 2nd by doing a CH 13

If I only submit a copy of the tax record showing the value of $88,000 instead of an appraisal when filing; What are the chances, the judge/trustee will accept the $88,000 as the value?

The reason I ask this question is because; although I think the $88,000 is great, I believe it's inaccurate and the property would appraise at $190,000. I say this because the county has the square footage wrong. It states my square footage as 984 sq ft when the correct sq footage is 2500. Obviously I do not want to bring this up.

If the judge/trustee does accept the value of $88,000. How common is it for the Lendor on 2nd Mortgages (HELOCS) to dispute or contest the value? [/B]

[HHM]

Probably ZERO chance they will accept the assessed value. But, we have a fair amount of members from FL that will hopefully chime in for you.

The bankruptcy standard on this is clear, the "current market" value, at time of filing of the property must be worth less than what is owed on the 1st mortgage.

Start with a Market Analysis from a realtor, a good realtor is often a better source of value than an appraiser. Appraiser's can sometimes come in high. It just depends.

[justbroke]

I would NOT file a property assessor's valuation in Florida. When I did my lien strip in Florida, I used a licensed real estate appraiser who performed a full and complete residential appraisal on the Uniform Residential Appraisal Report (URAR) form. It came with his affidavit, certification, and copy of his license.

While some will say just get a BPO (broker price opinion) or some sort of CMA (Comparative Market Analysis)... I say that if you're doing a lien strip, just provide the best evidence possible without having an expert witness testify at a trial. The Florida Courts understand what a professional appraisal is, a URAR, and know that it trumps a BPO, CMA, or property assessor's value.

This cuts down on all the back and forth and potential response to your Motion to Determine Secured Value and Strip Lien. I did mine in 22 days using negative noticing. The lender never questioned it. You can do the CMA approach if you like, but it may cause some back and forth. There's nothing quite like attaching, as an exhibit, the 19 page appraisal to the 6 page Motion to Value!

I was able to get an appraisal on my $500K home for $250. Shop around.

[HHM]

I only recommend a CMA first from a cost perspective (they are cheaper to get) and to see if you are in the ball park. If the numbers are close, then a full blown appraisal (URAR) is appropriate.

[justbroke]

I only recommend a CMA first from a cost perspective (they are cheaper to get) and to see if you are in the ball park. If the numbers are close, then a full blown appraisal (URAR) is appropriate.

I agree with that completely. It's a smart approach and can save a person a couple hundred dollars. In my case, I didn't want to deal with pesky real estate agents.