Will I lose my home if I file 7?

[okane]

Ok, I have a house with appraisal of $194,500, with the first mortgage and second balance together I owe total principal of $164,700. The state I am in gives a home exemption on bankruptcy of $20,000 so that means I have $9800 more than they allow, so will the trustee will take my home?

[Chowder]

You should be ok there.

[pookieny]

What would it actually sell for in todays market? Can you get the appraisal price knocked down by $10,000?

[willsurvive]

I agree . . . are you accounting for today's market appraisal? Find out what other homes have sold for surrounding you. I think it might surprise you . . .

[okane]

The appraisal I got for my house was done in April so its very recent, other homes around me are about what mine's appraised for or more.

[LSUTiger32]

I doubt the TT goes through the trouble for less than $10,000 but you never know. I would just say that it appraised for that in April but prices have continued to decline to the point where it is worth less now.

[gwar11d2]

In NC I was told that the trustee also subtracts what it would take to sell your house from the appraised price. If they do that in your state (check with an attorney) you can count on 6% or more of closing costs and you should be fine.

[Tbornetun]

In today's current market, an appraisal from September is not current. Have a local Realtor do a market analysis, that will give you a more accurate value.

[Chowder]

Values in most areas are seasonal. Spring and summer estimates will be higher then fall/winter.

[anmartin31]

The appraisal I got for my house was done in April so its very recent, other homes around me are about what mine's appraised for or more.

When you file CH7 you will need a more current CMA done and I bet the value of your home will be less than what it was in April, so you will be fine.

[dspii]

Ok, I have a house with appraisal of $194,500, with the first mortgage and second balance together I owe total principal of $164,700. The state I am in gives a home exemption on bankruptcy of $20,000 so that means I have $9800 more than they allow, so will the trustee will take my home?

What does the "Tax Man" assess your property at? Use your tax bill if it favors you. In my case, they valued it $500 less than I owe.