CMA (Certified Market Assessment) instead of an Appraisal?

[jcsawyer]

Our attorneys office said since the appraisals are so expensive here that we could use a certified Market Assessment to value our home (since tax value wouldn't work) to strip our second mortgage. Anyone else heard of this before? I just want to make sure that everything is on the up and up because I don't want something happening to our case and it get dismissed. On that same thought we owe 117k on our first and it was valued in the CMA for $114k with a settle amount of $110k if we were to sell the house so we wouldn't get what we owed on the first at this time. Hopefully since it came in that low we will be able to get the second stripped.

ALSO: (sorry full of questions today) can anyone tell me about a cram down on a vehicle?
Thanks in advance sorry to be a pain. I am anxious and nervous to get the ball rolling. Our sign date had to be moved back to the 21st due to an unexpected drs visit the day we were supposed to sign. (gotta love when kids get scarlet fever!).

[despritfreya]

1. CMAs and BP0s (Broker's Price Opinion) are standard.
2. If the lender Answers the Complaint it will either obtain its own CMA/BPO or seek access for a full appraisal.
3. If the lender seeks a full appraisal (which trumps a CMA/BPO) depending upon what the result is, then, maybe, you will have to get your own appraisal. Until then the less expensive approach is fine.

Not sure what you want to know on vehicle cram downs. If you are dealing with a purchase money loan there is no cram down until you have had the vehicle/loan for more than 910 days.

Des.

[jcsawyer]

Ok thanks! Although I dont think BOA will question it they have already had their people come by taking pics of our house. I got really mad at them when they tried to take pics of the house while my girls were outside!

[jcsawyer]

:::UPDATE:::

The CMA came through thank goodness!!!! Yippee!!!! Our house could be sold for $114k but we would more than likely have to settle for $110k. (yes I am happy that it came in upside down Shush LOL. This means we get the 2nd lien strip. Goodbye $23k KISS IT!!!!!!

Sorry but CitiFinancial was a ROYAL PAIN in my side! Almost as bad as my car payment. Make a payment and dang if they didn't call the NEXT day wanting to know when you would make the next months payment (ummmm............when I get the new bill?!!! That's my final answer LOL)

[LadyInTheRed]

:::UPDATE:::
(yes I am happy that it came in upside down Shush LOL. This means we get the 2nd lien strip. Goodbye $23k KISS IT!!!!!!

It is funny, the things we celebrate in BK, isn't it?

[jcsawyer]

It is funny, the things we celebrate in BK, isn't it?

Yes it is actually!

[pamkev]

It is funny, the things we celebrate in BK, isn't it?

I was just thinking that also

[dmc-2008]

I have a question about appraisal? My lawyer said we should get it after we file and not before. What if it comes in too high? Won't it be too late then to look at other options??? Thanks so much

[despritfreya]

I have a question about appraisal? My lawyer said we should get it after we file and not before. What if it comes in too high? Won't it be too late then to look at other options??? Thanks so much

Unless you are not filing for months and months, an appraisal done today as opposed to tomorrow should not be much different. If there is value in the property after considering the 1st mortgage and that property is your principal residence, you cannot get rid of the 2nd. If you are on the boarder of having equity and the decision to actually file bk turns on your ability to do the strip off then I would get the appraisal before filing. If, however, you know that there is no way on this planet that there could be any equity in the property after the 1st or you would file bk regardless, then I do not think it matters.

Des.