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    Possible Assets

    Just days before our case close date, The Trustee filed "Report of Possible Assets" based on Zillow and what it suggested to be a fair price for our home. Not based on actual home stats of what's been sold and comps. Though, she's grossly overpriced on her estimate, and our home would never sell for it, as our home was just on the market a year ago. They want to sell our home to distribute. Anyone else go through something similar? How long till she abandons or tries to sell? So stressed out about this! Hoping for insight!

    #2
    I think if you get comps, maybe even an appraisal if you have to , also taxed value to dispute their numbers they would have to back off, Zillow is not facts. They under over value all the time .

    Comment


      #3
      Yes, agreed. Do I contact her on our own or have our attorney? We had our home listed a year ago. We didn't get any offers to close to what Trulia or Zillow priced it at. She's estimating about 25k more based off of those sites. Don't really have the money for an appraisal right this moment! Is there a time limit to when she decides what to do?

      Comment


        #4
        Your attorney has to do the communication with the trustee. What were you selling for last year? Is that number lower Or close to trustees value ? It didn’t sell , must have been over priced for the market? What were comps at that time? If those numbers were all lower it helps your case too. A realtor will give you comps if you call one and ask . Just say I’m considering selling and I’d like to know what I’d possible sell for. They would probably email them to you, hoping you’ll list. You have to find numbers everywhere you can to dispute her Zillow estimate.

        Comment


          #5
          What do the other home value sites like redfin or trulia say? Need the actual numbers (not just 25k over) so we can calculate selling costs like broker commissions. Can you get an updated broker price opinion from your last agent and pretend you might want to try again? If you have some non-exempt equity after factoring in closing costs from trulia and the BPO, you may have to pay for a bankruptcy friendly appraiser that can get rid of the last bit of equity for you so you don't have to pay the trustee anything. A good lawyer will have some good BK friendly appraisers for you to hire.

          Comment


            #6
            Originally posted by Mojo119 View Post
            Just days before our case close date, The Trustee filed "Report of Possible Assets" based on Zillow and what it suggested to be a fair price for our home. Not based on actual home stats of what's been sold and comps. Though, she's grossly overpriced on her estimate, and our home would never sell for it, as our home was just on the market a year ago. They want to sell our home to distribute. Anyone else go through something similar? How long till she abandons or tries to sell? So stressed out about this! Hoping for insight!
            In Florida, some Chapter 7 Panel Trustee's have sold homes just to get a $10K carveout on an underwater home. Did you exempt the home?

            Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
            Status: (Auto) Discharged and Closed! 5/10
            Visit My BKForum Blog: [URL="https://www.bkforum.com/blog.php?u=15365"]justbroke's Blog[/URL]

            I am not an attorney. Any advice provided is not legal advice.

            Comment


              #7
              Hey y'all. Our attorney sent us an "Oder Discharging Debtors", just yesterday. However, the trustee wants to sell our home for distribution. We've reaffirmed our home loan. This means our debt will be discharged, but she can still sell our assets. What should we expect? Anyone with insight? Our case is not as of yet closed! Looking for any insight on this process.

              Comment


                #8
                I don't know how you can reaffirm a home when the Trustee wants to sell the home. I would make sure that reaffirmation agreement is rescinded if the Trustee is trying to liquidate the home.

                As for the possible sale, expect the Trustee do send out an Appraiser and then to list the home. That is unless the Trustee is making a back room deal with the lender/creditor (known as a carveout). The only way to tell is to look to your attorney as to what how this particular Chapter 7 Trustee operates.

                If you reaffirmed the home, did you also exempt the home? The Trustee would not be able to sell the home if it is exempted by some sort of homestead protection. Additionally your case will not close until the Trustee is done.

                Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
                Status: (Auto) Discharged and Closed! 5/10
                Visit My BKForum Blog: [URL="https://www.bkforum.com/blog.php?u=15365"]justbroke's Blog[/URL]

                I am not an attorney. Any advice provided is not legal advice.

                Comment


                  #9
                  Mojo119- we went through this five years ago. We originally filed chapter 7. Our case discharged and a month later the trustee informed our atty that she felt there was enough equity in our home. We got two appraisals, but she was still convinced based on Zillow, that there was enough equity. She gave us two options, either sell the house or we could pay the equity to the trustee in one lump sum. Obviously if we had that kind of cash, we wouldn’t be filing BK. Our atty informed the trustee that he was filing a motion that day to convert the case to chapter 13. Five years later, we were discharged from our ch 13 and case closed, house saved! (Side note: we just refinanced and got lower interest rate).
                  Just keep in mind if you decide to convert from 7 to 13, if you’ve already received your ch 7 discharge, make sure your atty files whatever motions are necessary to vacate ch 7 discharge. Ours did not and it created a heck of a mess obtaining our ch 13 discharge. Good luck!!

                  Comment


                    #10
                    The reaffirmation went through just days ago also. This was all done within a few days of one another. You can still reaffirm your home, your reaffirmation just means we can't walk away from the debt. Just binding us to pay our portion of the loan! That equity of what she thinks we have is technically still in The Trustee pot for grabs. However, our attorney is out of possibilities for this trustee as she's new. First year doing it. He isn't keen on predicting anything about her. My guess is that she isn't doing her due diligence. She's covering all avenues, and taking her sweet time, perhaps even procrastinating. From what I've researched, she can keep the case open even for us to build more equity, there's really no limitations as of how long she can wait! Quite frustrated!

                    Comment


                      #11
                      Also, wanted to clarify, we have excellent payment history on our home, we wanted to reaffirm for that payment history. Never late, nor missed any payments. Because of our equity as well, we felt as if walking away from our home, or defaulting was not advantageous to us at this time!

                      Comment


                        #12
                        And unfortunately, our exemptions won't cover all of the equity on our home. We did amend Schedule C to get the maximum exemption! Which was roughly 35k. That would literally leave maybe about 5k, if that, after realtor commission of 6%! All of which is dependent on whether it sells for the minimum golden price of which the trustee has in mind!

                        Comment


                          #13
                          Mojo119 many of the Trustees don't care about the realtor commission or other closing costs. They care that they see money on the table. Through your attorney, you can figure out the amount that you believe would be left after sale, and then make an offer to the Trustee. Otherwise the Trustee could sell the property even to recover $5K (after paying the sales commissions and costs). So, if you really want to keep the property, you'll likely need to negotiate unless your attorney can convince the Trustee that it isn't worth it.

                          And yes, the Trustee can keep the case open for years, but your attorney can always compel them to take action at a reasonable pace. However, a Chapter 7 asset case can be open for 1-2 years and that's about normal when there is property to liquidate (especially real property).

                          Generally most of us here on BKForum will say to never reaffirm a home. There is no upside for the debtor. Unless the debtor wants their credit score to get up over 820 (after 5-10 years) there's no reason to reaffirm a home. I would then say, there's no reason to worry about a credit score once you're over 740 anyhow. I just wanted to write that as to why we never recommend reaffirming a home. Hence why we say to never reaffirm to try to build, protect, or keep credit.
                          Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
                          Status: (Auto) Discharged and Closed! 5/10
                          Visit My BKForum Blog: [URL="https://www.bkforum.com/blog.php?u=15365"]justbroke's Blog[/URL]

                          I am not an attorney. Any advice provided is not legal advice.

                          Comment

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