How do they value houses?

[anykey]

I bought mine in 2007. I claimed it as the amount I paid on it. If it is decided that it is worth 10k more I am still ok. However zillow thinks my house is worth 25k more then the mortgage on it. This means I would have around 5k over the fed exemption.

Will a credit card show up at 341? I have 2 judgements, capital one, and a credit union credit card.

I have comps and pictures printed for the 341 if need be.

My house was in disrepair, and a foreclosure when I bought it. It is still in disrepair- tho not nearly the state it had been in.

I paid 32,500 for the house, put 20% down. I owe 24,000. Zillow thinks it is worth $51,247 . Can wild card exemption be used? (I have nothing on the wild card)

You can currently protect $22,975 of equity in your home under the federal exemptions. 22975 + 24000 = 46,975. Zestimate: $51,247 51,247 - 22975 - 24000 = 4272, so if you go by zillow- I have too much equity by $4272.

[keepmine]

Likely, no creditors will show at the 341. They lose no rights by not appearing.
You may have to pay for a comparative mkt analysis if the trustee has any questions.
Here's what the fed. exemptions say aout the wildcard.

Wildcard:

522(d)(5) - $1,225 of any property, and unused portion of homestead up to $11,500.

Frankly, the truste likely will abandon the proerty if you're that close. They'd have to first clear enough to pay the mortgage holder then, pay you your exempt amount and that's after commissions and fees. There just won't be any meaningful recovery for creditors.

[anykey]

unused portion of homestead up to $11,500./snip

Then that should cover it- even if they want the higher amount.
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Frankly, the truste likely will abandon the proerty if you're that close/snip

What does that mean? I want to keep my house. I am not behind on the mortgage. The mortgage is less then 1/2 the cost of apartments here.

[keepmine]

Actually, I think it means any unused portion of the homestead exemption up to $11.5K can be used as a wildcard.
From the numbers you posted, you've used all the homestead.
Just saying there likely isn't enough excess equity to make it worth the trustee time and effort to capture.

[anykey]

That is good news. I am pretty nervous about the hearing. Then the home front could be better too.

Actually, I think it means any unused portion of the homestead exemption up to $11.5K can be used as a wildcard.
From the numbers you posted, you've used all the homestead.
Just saying there likely isn't enough excess equity to make it worth the trustee time and effort to capture.

[tobee43]

if you can produce comps contrary to zillow (which to this day i can't believe banks or courts use as valid information) you should be fine. although zillow has recently earned a bit more credibility with me, as i'm actually seeing them use REAL comps in the area and listing them normally alone side of a property in question, they still make many mistakes.

i know although we didn't have to worry about it, but i had a realtor actually pull REAL sales in the area just in case i needed, which i never ended up using the at all since we walked away from the house.

as keepmine as pointed out, i think also you will be fine.

[LadyInTheRed]

How do they value houses?

If your trustee objects to your exemptions because he thinks it's worth more than you listed on your petition, you will have a negotiation with the trustee about what the actual value is. If you can't reach an agreement, you and the trustee will both have to submit evidence of why you think the value is what you say it is. You may have to have a hearing where appraisers testify. The judge would make the final decision of value based on the evidence both sides submit.

The value of your house in 2007 is most likely not the current value.

[anykey]

Most people who bought a house in 2007, most houses are less valuable.

[BKorbust]

I would go out and get a CMA or a BPO from a local broker (they are free if you tell them you are thinking of selling). If you don't feel comfortable with that offer a broker $100 for their written opinion with comparables (BPO or CMA). I do BPOs for a local BK attorney all the time. In Boston they are readily accepted. If their is a big difference in value the trustee may ask for an appraisal.