Ok, now comes the wait for the 341 meeting. My biggest fear is my home. Here is the deal. If anyone can reassure me or offer advice, please do.
My house is worth around $365,000 realistically. The tax value is $267,400. I recently had the house appraised very conservatively at $334,000 (it is a good solid appraisal though). I owe $305,000 between my first and second mortgages. In NC I have an $18,500 homestead exemption. After realtor fees using the appraised value there is clearly no equity left. If using the $365,000 there is equity and in order to keep the house I will need to negotiate with the trustee to pay him an amount to keep the house.
How do trustees normally come up with a value for real estate? MY attorney says that most trustees have a realtor friend they use for a CMA (Comparative Market Analysis.) On the petition I stated the value of my home at the $334,000.
Also my attorney tells me that the trustees get a portion of the proceeds they liquidate and collect upon. She also said that this time of year BK filings are down and the trustee may have more time to spend researching what he/she may be able to collect. Is this all true?
Any help or advice would be greatly appreciated.
My house is worth around $365,000 realistically. The tax value is $267,400. I recently had the house appraised very conservatively at $334,000 (it is a good solid appraisal though). I owe $305,000 between my first and second mortgages. In NC I have an $18,500 homestead exemption. After realtor fees using the appraised value there is clearly no equity left. If using the $365,000 there is equity and in order to keep the house I will need to negotiate with the trustee to pay him an amount to keep the house.
How do trustees normally come up with a value for real estate? MY attorney says that most trustees have a realtor friend they use for a CMA (Comparative Market Analysis.) On the petition I stated the value of my home at the $334,000.
Also my attorney tells me that the trustees get a portion of the proceeds they liquidate and collect upon. She also said that this time of year BK filings are down and the trustee may have more time to spend researching what he/she may be able to collect. Is this all true?
Any help or advice would be greatly appreciated.