Appraisal advice please

[MEA2]

We just found out that the home appraisal we had done in May 2006 through Quicken loans will cost us $450.00 to get a copy of it(because we didn't go through with the loan,they couldn't consolidate enough of our debt)
We did consolidate in the Spring of 2005 and we have a copy of that appraisal(the house price difference is $2,000)I put a call into the lawyer's assistant and she said she will talk to him and get back to me.He was so specific about it being within one year.I called an appraisal company and they said it would be $300 for a new one. Obviously we don't have money like that if we are about to pay for the BK.What would you do?Were appraisals this important to your lawyers?(he's also a trustee)
Thanks

[HHM]

How on the bubble are you with your State's home equity exemption? Typically, you don't need a full fledged appraisal for the purpose of BK...a good faith estimate will usually suffice. The only time an appraisal is requested is if you are likely to have more equity in the home than you can exempt.

If you know any real estate agents, they could give you a market analysis...which gives you the "actual" selling prices of similar homes in your area.

[MEA2]

How on the bubble are you with your State's home equity exemption? Typically, you don't need a full fledged appraisal for the purpose of BK...a good faith estimate will usually suffice. The only time an appraisal is requested is if you are likely to have more equity in the home than you can exempt.

If you know any real estate agents, they could give you a market analysis...which gives you the "actual" selling prices of similar homes in your area.

We owe $250,000 and it's worth somewhere between $255,000-$265,000

[HHM]

So, worst case scenario, you probably have $15,000 in equity. I think no matter what state you're in, you can cover that with the homestead exemption, but you will want to check your states exemption specifically. I really don't think you need to go to the trouble of getting, and paying for, a full fledged appraisal.

Just give your attorney your best guess estimate (i.e. see if you can find similar houses in your area and find out what they are selling for, and use that as a basis for estimating the current market value). Or, contact a real estate agent and ask for a market analysis.