Zillow reports the same worth as I reported on my paperwork. When I talk to the lawyer tomorrow hopefully, I will ask him what he thinks the bank might do and how to respond to it. Not sure why I would need a CMA? The equity I have right now is covered by the homestead exemption, so that shouldn't be an issue, right?
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It really depends on how aggressive the trustee is and whether he thinks the house is worth more than you say it is on your petition. If he thinks it is worth enough to give you non-exempt equity, he could raise an issue. A CMA may give you some comfort, but I wouldn't get one unless your attorney recommends it. If it comes out high, it could be discoverable evidence against your position on value. Think of the value you list on your petition as a first bid. If the trustee thinks it's too low by enough to make it worth his trouble, he'll object and there will be a negotiation about the value. If there is no agreement, then you can take it to the judge. There is not much point in worrying too much about it until it becomes an issue.Originally posted by TRfromillino View PostLadyInTheRed is in the black!
Filed Chap 13 April 2010. Discharged May 2015.
$143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!Comment
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I have heard ever so many times on several different Financial Talk Shows, that Zillow is absolutely WORTHLESS.Originally posted by TRfromillino View Post
Do NOT waste your time any more on that *crap*. I suggest you start looking at:
ETA: I am sorry I didn't know of this before, but you probably should have gotten some type of local appraisals that actually know what the home values in your area are.
From what I learned by listening to Ilyce Glink today about Zillow, you are in trouble..Last edited by AngelinaCat; 02-24-2013, 06:05 PM."To go bravely forward is to invite a miracle."
"Worry is the darkroom where negatives are formed."Comment
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Well, number 1, I didn't depend on zillow, it simply followed my county assessment. Right now, I'm not interested in what an appraiser says unless I'm going to sell. But thanks for the negative input and letting me worry even more. If it's worth more then, at least one thing the bank is going to have to deal with if I let it go in foreclosure, is that when the town put in their new septic system, I did not hook up because I don't have the money to pay. No one can sell unless it's hooked up. And it's over 1K to get it done. I live in a very narrow area. Not a big city. Homes here are atypical to the town. 90% are going to appraise the same as mine. There's the few that will sell for much more. I'm going to take this one day at a time and try to stop stressing about every little thing. Been trying to self educate myself on this and it's even causing me more anxiety. Maybe it's time to just let it roll.Comment
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Dear TRfromillino:
From what I have read here, I do not believe that anyone was attempting to give you 'negative input'. Instead, they seem to be trying to give you alternative visions of what you may presently be 'looking at', so that you can look at your problem with 'new eyes'. It sounds trite, I know, but if you can stand back from your situation for two or three days, you may gain a little different perspective.
Good luck. :-)Comment
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When we answer your questions, we are just trying to arm you with as much information as possible, so you are prepared for whatever may come up. We have heard of at least one report of a trustee pulling up Zillow during a 341 and using the information as a basis to object to the debtor's valuation. Trustees are not getting CMAs for every house listed on a BK petition. Zillow is a quick way for them to decide whether they should look more closely. IMO, even though Zillow is not a great way to determine value, the fact that Zillow agrees with your assessed value is a good sign. The fact that the house must be hooked up to the town's septic system before the house can be sold is a good argument for a lower value. Zillow doesn't take that into account.Originally posted by TRfromillino View Post
If you were confident in the valuation you are using before you came here, don't worry about it unless and until there is an objection. You are bankrupt and need to file. You can't change the value of your home or what the trustee may do. An objection can be dealt with and is not the end of the world. As far as the risk of foreclosure is concerned, remember that the bank would rather have your continued payments than your house. I have been on this forum for over 3 years and have yet to hear of any bank foreclosing on a loan when payments are kept current.
Many people get overloaded with too much information and start worrying too much. If that's happening to you, stepping back for a bit may be a good idea.LadyInTheRed is in the black!
Filed Chap 13 April 2010. Discharged May 2015.
$143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!Comment
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Thank you LIR, I appreciate your comments. And everyone else's also! I've been steered in the right direction many times. I don't believe I am 'in trouble' however because my assessed value and zillow match, and the fact that my lawyer isn't concerned about it. I don't think I'm going to raise any red flags. This got way off course and I'm sorry. Just trying to stay the course.
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