Here'e the deal. I originally filed a Chap7 and converted it to a 13 a few months ago. Today, I went to my Chap13 confirmation hearing today. I had a small 1 month mortgage arrears which I cured by rolling it back into my Chapter 13 payment plan, no big deal, $45/mo for 60 mos as a priority claim. That was the only objection to confirmation that I had. I thought I was going to get my plan confirmed. My plan met all the bankrupcy code guidelines (paying 8% of unsecured debt and all of priority claims, taxes, arrears, wage deduction order, etc.) Monthly payment worked out to $335x60...
But here's the kicker, in the courtroom, at the last minute the trustee objected to the judge about my confirmation because she felt the equity in the house was greater than the total amount being paid into the plan. I had a formal realtor marketing analysis done and had it appraised at around $300-$320K. It's a 100 year old victorian money pit that needs about $50K in repairs. The trustee (get this) did a appraisal on her own (I had no idea she did this as no one contacted me or was let into the house...probably just a drive by appraisal) and she claims it's worth $450K! There is no way it is worth that, as the property tax value is $350K and when I refinanced it a year ago it was appraised at $360k. I've claimed the property value as being around $300-$320K in my Chap13, because it now needs a new roof ($20K), a new porch (huge wrap around $20K), and a bunch of other repair stuff. So now the trustee wants to kick me back to Chapter 7 which means they want to eventually seize the house and sell it....The trustee even has a sentence penciled into her notes (I peeked) where the former Chapter 7 trustee had written: "kick this case back to me..." Is this unethical, them pressuring me back to a Chap7 at the last minute with a 'phony' real estate appraisal?...
But here's the kicker, in the courtroom, at the last minute the trustee objected to the judge about my confirmation because she felt the equity in the house was greater than the total amount being paid into the plan. I had a formal realtor marketing analysis done and had it appraised at around $300-$320K. It's a 100 year old victorian money pit that needs about $50K in repairs. The trustee (get this) did a appraisal on her own (I had no idea she did this as no one contacted me or was let into the house...probably just a drive by appraisal) and she claims it's worth $450K! There is no way it is worth that, as the property tax value is $350K and when I refinanced it a year ago it was appraised at $360k. I've claimed the property value as being around $300-$320K in my Chap13, because it now needs a new roof ($20K), a new porch (huge wrap around $20K), and a bunch of other repair stuff. So now the trustee wants to kick me back to Chapter 7 which means they want to eventually seize the house and sell it....The trustee even has a sentence penciled into her notes (I peeked) where the former Chapter 7 trustee had written: "kick this case back to me..." Is this unethical, them pressuring me back to a Chap7 at the last minute with a 'phony' real estate appraisal?...
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