When I filed Ch. 13 I included a 2nd mortgage cram down into my plan.
My attorney advised me I only needed a market analysis to show my first mortgage is higher than the current value of my home-which it did. The plan was accepted at my 341 hearing.
I have since received an AP notice by the 2nd mortgage holder challenging the value of my home. My attorney is telling me I need to have an actual appraisal completed and have the appraiser appear in court to defend his appraisal. In addition my attorney wants more $$$ to defend this AP as it was not covered in the initial fee.
Has anyone else gone through this? Obviously the bank will have an appraisal contradicting my appraisal. How will this be decided and whose appraisal will be accepted?
My attorney advised me I only needed a market analysis to show my first mortgage is higher than the current value of my home-which it did. The plan was accepted at my 341 hearing.
I have since received an AP notice by the 2nd mortgage holder challenging the value of my home. My attorney is telling me I need to have an actual appraisal completed and have the appraiser appear in court to defend his appraisal. In addition my attorney wants more $$$ to defend this AP as it was not covered in the initial fee.
Has anyone else gone through this? Obviously the bank will have an appraisal contradicting my appraisal. How will this be decided and whose appraisal will be accepted?
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