Things just keep getting better and better

[liz417]

Hi Sbelle,

Well, it sounds like it went well. What did she mean when she said it was "borderline" and it could go either way???

I'm glad you stood your ground! When will you know the results?

Liz

[pa308]

Sounds good southernbelle. I feel you will be a-ok.

Had you had any type of appraisal done prior to your filing? Just curious as my atty had me have an apprails done for 135.00

[southernbelle]

When she said it could go either way, she meant the amount of equity in my home wasn't enough for the Trustee to go after, but if I decided I couldn't make the notes to keep it, I could sell it to get something out of it as opposed to being completely upside down (or at least that's what it sounded like). Being that she was a realtor, she also made sure to give me one of her business cards to keep her in mind if I decide to sell later.

Before filing, I didn't do a formal appraisal (which was my mistake) because I was trying to find the money to pay my atty. When I lucked up and got my tax refund, I had just enough to pay the lawyer and didn't have enough for an appraisal. What I did instead was, I submitted a list of repairs needed to my home and did an extensive search for comparables in the area that recently sold and printed those out and submitted all of that information to the Trustee along with pictures.

Looking back on it now, I wish I would have done the appraisal because I probably could have avoided this situation today. Learn from my mistake everyone.

[Cali]

Belle - You ROCK!!

[liz417]

[QUOTE=
Looking back on it now, I wish I would have done the appraisal because I probably could have avoided this situation today. Learn from my mistake everyone.[/QUOTE]


I don't know about that...I think everything happens for a reason. If you would have had you home appraised before you filed (4/08? right?), it may have come in at a higher price...just saying....



P.S. Sorry, still can't figure out how to do the 'quote' thing...

[southernbelle]

You are 100% right on that one. Who knows the appraisal in April might have worked against me. I think everything does happen for a reason.

[JRScott]

Congrats on this step belle

[AngelinaCat]

In spite of the "it could go either way", it sounds like you did very well. Congrats!!!

[AnnaO]

SouthernBelle - It sounds like this was just a formality and that there is not enough equity for trustee to take so you have nothing to be concerned about! That is great news!

I am going to go through similar circumstance because I'm on the cusp of equity that is exempt. I think the trustee may have a realtor looking up comp houses in recent sales, but I hope they will not need a walk-thru. The thing about appraisals is that they can be slanted any way that an appraiser wants to.

But the market simply isn't what it used to be. Also at my 341 yesterday, the trustee must have asked 1 out of every 3-4 debtors how he could contact them if he needed to send someone to look at their house, so it seems fairly routine for him to look in the property issue whenever there is any equity involved.

[AnnaO]

By the way - how did you look up comparable sales? Do you have any Web sites you referenced to do that? I would like to do that for my own peace of mind.

Thanks!
A.O.

[southernbelle]

These are the sites I used: http://www.zillow.com/, http://realestate.yahoo.com/Homevalues, http://www.moveup.com/

I found the last two links to be more helpful because zillow is notorious for valuing (sp?) homes extremely high. It's good to know this might just be a formality, but I wish this would have happened early on as opposed to near the end. I was getting cozy with the notion of seeing "Discharged" on PACER when this happened. It kinda makes me wonder if the Trustee was fishing for additional assets since my equipment isn't worth anything or if she wanted to make sure she didn't overlook anything.

It seemed like I had a good rapport with the realtor, but you're right, she can slant the appraisal whichever way she wants. She almost seemed like she was fishing for business the way she kept asking me if I wanted to keep my home or if I wanted to sell it. She also said she could get the exempt amount ($25k) for me if I sold. I made sure to stress to her that I needed to keep this house even with all of its imperfections because I'm negative at the end of the month as it is and if my rent/mortgage was higher in a different location, I'd be virtually homeless or almost destitute. She understood when I explained how much I will still owe in taxes when this is over.

Win lose or draw, she at least has in depth knowledge of what's wrong with this house and my current financial situation. At the very least, she won't be able to go back to the Trustee with a report that says I'm living the high life. Nothing could be further from the truth....and I'm still waiting for my discharge.

[BK2008]

I live in a non-disclosure state

I can't see sold stats except thru a realtor.

[FreshLikeADaisy]

Knowing my luck, I'll catch some parasitic little bug and will be projectile vomiting for a week.

Eh, could be worse. If you can do that while your head spins on your neck, it tends to be a permanent condition.

I'm SOOOOO glad it worked out for you!!!! She sounds like such a decent person... a lot like you, as you noted. Good luck and I hope you get your discharge soon!!!