Where does Trustee get info from?

[Worriedmom4]

Thanks all for the helpful info. I am getting frustrated as the days go by. Just how long is the trustee going to wait? I would really like to know what, if anything, he is doing about an appraisal. Shouldn't someone have called by now for an appraisal?? Our 341 meeting was in October.

[keepsmiling]

I very much doubt that your house jumped in value by 35k that quickly.

Probably what happened was.... a very nice house in your neighborhood sold for big bucks. This is what happened here. My next door neighbor rebuilt the house, added a full second story, master bath, hew kitchen, deck, yada yada, everything new. House sold for over 400K. (on a 50 x 100 lot btw, gotta love NJ). Mine is worth maybe half of his. Needs new roof, new furnace, new landscaping, new windows, new carpet, new pretty much everything lol. Yet Zillow will use HIS for the comp making mine overinflated at almost 300k. It doesn't know mine is a shambles and would never sell for that. Any tt who thought it would would wind up wasting a lot of time for himself, us, and any realtor overly optimistic enough to take this on.

This has happened a few times on the board btw. Greedy tt's using bad judgment....

So... if you are in anywhere near my situation, I wouldn't worry too much yet. You can always have a realtor do another walk thru. The prices are not likely to go up as we enter winter, and the tt may find out how mistaken he is. Somewhere along the line you can file a motion to abandon, if he drags it out too long.

[jst4f]

Thanks all for the helpful info. I am getting frustrated as the days go by. Just how long is the trustee going to wait? I would really like to know what, if anything, he is doing about an appraisal. Shouldn't someone have called by now for an appraisal?? Our 341 meeting was in October.

Sorry for bad news but the TT has no fixed deadline when it comes to an asset case. There is a motion you attorney can file to force the TT's hand but I don't think you are near that time. The best you can do is...

1). Take a deep breath
2). Let it out slowly
3). Repeat 1 and 2 until fully relaxed

( No joke it works!)

Keep in contact with your attorney and keep reading posts on the subject (knowledge is power and comfort).

BK promises you a fresh start but it defines what that will look like and not always what we hope it will look like.

Best of luck

[kawh]

I hope this does not mean that bankruptcy trustees can wait out the housing market, just wait for prices to recover a little more, then pounce on any recently created equity, cause it seems that is happening here. The debtor can't get a break if their sliver of home equity is hoarded for weeks or months in hope it will increase.

[keepsmiling]

Eventually it will go before a judge, who, unless he/she is a hanging judge, will give the debtor the fresh start that was promised.

[jst4f]

I hope this does not mean that bankruptcy trustees can wait out the housing market, just wait for prices to recover a little more, then pounce on any recently created equity, cause it seems that is happening here. The debtor can't get a break if their sliver of home equity is hoarded for weeks or months in hope it will increase.

Like I said there is no fixed time limit but reason will prevail and there is legal recourse. Can't remember the legal term, maybe one of our legal types can chime in here, but you can force the TTs hand. The TT can not hold the BK open forever waiting for the economic tide to turn.

[Worriedmom4]

I hope this does not mean that bankruptcy trustees can wait out the housing market, just wait for prices to recover a little more, then pounce on any recently created equity, cause it seems that is happening here. The debtor can't get a break if their sliver of home equity is hoarded for weeks or months in hope it will increase.

This is exactly what my husband has questioned and what we don't want. As Keepsmiling wrote as well, our house didn't jump up 35k in such a short time frame and yes, a nice house around the corner sold for much more. This house is also larger, more beds/baths. It's a no brainer that the houses are not comparable. It makes me crazy. I still have not heard anything regarding our case. I know I need to be patient, take a big breath, and know in end everything will work out but as anyone who has filed BK knows, the waiting period can make you scream.

Here is the timeline on Pacer:

08/22 Filed for BK
08/22 completion of credit counseling
10/24 341 meeting

10/30 Statement Adjourning Meeting of Creditors. Section 341(a) Meeting Continued on 11/20/2012

11/12 Initial Report of Assets - Trustee has found assets in this estate to be administered for the benefit of creditors, or believes there is a likelihood that such assets will be recovered within a reasonable period of time. The Trustee requests that notice be sent to creditors fixing time for filing claims

11/13 Notice Fixing Time For Filing . Proofs of Claims due by 2/13/2013. Government Proof of Claim due by 5/13/2013

As I stated before, my attorney tells me he is looking at our house and we have to wait to see what motion the trustee files. I have no problem getting a firm appraisal and fighting this but how long is the trustee going to wait. I haven't cleaned my house in weeks

Nobody has been here to look at our home either. The 341 meeting was continued to 11/20, which we did not have to attend. Not sure what was discussed other than the house. Is this what the trustee is doing, waiting for the market to go up a little? I know he can take his own sweet time but how much time is too much. Trustee filed notice to extend time on proof of claims. (Not sure why there is a government proof of claim) but is he waiting for the deadline of May, 2013.

[TBA]

Wouldnt they just order an appraisal? If there is any question of value, i would think they would order an appraisal. it happened with us for our vehicles (house was upsidedown but we had equity in our vehicles... dont ask! LOL). When the values were questioned, we said they came from kbb, and the ttee decided then that they wanted an appraisal. A few weeks later, we had a visit from an appraiser who then turned his report over to the ttee upon completion and we were deemed an asset case at that time. We elected to buy out our assets and then we were "done" so to speak.

I can imagine that a value would be estimated off zillow (or other fairly decent PAY valuations for properties) but the final decision would come from an appraisal if there were any questions as to value.

Can you request an appraisal?

[keepsmiling]

While it would piss me off to spend any more cash on this, it might be worth it to have your own appraisal done.
This way you hold the reins.
You don't have to do it yet; but while you are waiting, maybe call in a realtor for another walk thru, being sure to point out any and all defects. This may be reassuring or enlightening.
I'd also be hitting open houses in the neighborhood so you stay informed, and keeping an eye on sales and foreclosures in the neighborhood.
Oh and this would not be the time to fix anything
Try to relax and enjoy the holidays; you probably won't hear anything til well after the New Year.