In most parts of the country, property values have fallen since the market was a high mid-2006. For example, in the Tampa Bay MSA, according to the S & P Case-Schiller Home Price Index, average house prices have fallen 39% between May 2006 and February 2009. In this case, if your house was assessed at $ 300,000 in May 2006, on average, it would be worth $ 183,000, as of February 2009. This unprecedented loss of value for many homeowners is to the current wave ofForeclosures and bankruptcies in many parts of the country.
Some believe that this rapid loss of value is responsible for the current economic crisis the country experienced for that matter the world. Banks and large corporations are getting huge cash loans and grants from the government, in order to remain in business. Many are for filing bankruptcy. But what about you, the homeowner, how to help themselves from this crisis?
Many homeowners areConsultation with the bankruptcy lawyers, find law to assistance under the current Chapter 13 bankruptcy. Under current bankruptcy law, second and third mortgages and liens HELOC can be removed from your farm, if there is no justice in order to secure it. This is called a "cram down" or "strip down" option. For example, if an assessment shows that your home is worth less than the threshold of your second mortgage is, you can strip second mortgage property in a Chapter 13Bankruptcy because the second mortgage can now be treated as an unsecured claim. You can, however, a second mortgage "strip" only if it is not a single dollar of house value to "secure" it and do your stay in Chapter 13 until its completion.
To find out if you qualify "for a" strip down, your lawyer will ask you to Appraiser reliable appraisal by a qualified Real Estate. This is known as a bankruptcy evaluation. It is very important to find a "qualified"Judge as you are looking for a lawyer to "qualified". Find out about the judges' qualifications and experience. At least they have to be approved or certified by the state where your property is located. Ask for their certification number. In general, the lower the number, the more they were licensed. Have the evaluators not a "full inspection report" assessment, which is also supported by recent comparable sales as well as current active and pending MLS listings from yourNeighborhood. In some cases, the judge and / or creditors can challenge the estimate. If this happens, the expert may defend and support the estimated value estimated in court.
Obviously, if a second mortgage may be "off" stripped it can dramatically improve your financial situation, since you no more payments to the second mortgage holder. In most cases, would amount to the stripped mortgage guilty as any other unsecured debt repaid and will be treated underChapter 13 of the plan, together with lien holders often receive only a fraction of the original balance.
This article will briefly the reader with information only and is not to raise offer for legal advice. If you think you can benefit from this process, you should contact a qualified lawyer bankruptcy.
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