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First, the bad news about Bankruptcy, Foreclosure and Loan Modification:

Today's economy, sadly can mean hard times for homeowners.  Especially when it comes to the value of your single biggest asset, and whether you have equity, among dozens of other questions to be answered in filing for bankruptcy protection, defending against foreclosure or seeking a mortgage loan modification under Florida law, You Need an Experienced and Ethical Appraiser, and most often a good lawyer, as well.  

 

There is Good news too!  

Florida Bankruptcy law has changed - In the past, many people were forced to surrender their income property when declaring bankruptcy...  Now, Florida judges are 'cramming down' the value of those homes in some cases, to allow the debtor (that's M/M Homeowner)  to not only keep the rental home or other income-generating real estate, but to have the value reduced to reality, by the judge in bankruptcy court.  This applies to some chapters (Ch.7, Ch. 11 & Ch. 13 are the best-known bankruptcy filings/laws) but may not apply to others. Consult your legal expert for more on bankruptcy and how it might help you weather the financial storm you may be caught in.

 

Many Floridians' homes also have a second mortgage.  If that's your case, you can often get that debt "stripped" in the bankruptcy, like other unsecured debts. Remember, the market has had huge reversals from the peak of pricing and buying frenzy here in south Florida. Therefore, a second mortgage can be an unsecured debt because there is no longer equity to secure it.  We are not lawyers, but some of our best clients are. We will be glad to share their names with you, if you are considering seeking protection from creditor harrassment and crippling debt under Florida's Bankruptcy laws, and have not yet chosen a lawyer to assist you, appear for you and file the required documents in court.

 

Loan Modification can be tedious for homeowners as well. Some of us have time to contact and continue to follow up with our mortgage lender to get results, or even to open the dialogue to begin the Mortgage Modification application and process. But if a deadline is missed, or you fail to get proof they got certain documents or be sure they get back to you within their own stated timeframes, it can be a "harrowing experience" as one homeowner client told us. 

 

To seek a Modification, you really first need to know your home's Real value, the way it is now, and in Today's vastly changed market climate.  It obviously could be financial suicide to struggle to pay, and to commit to extended term payments and arrears, if indeed the home is "underwater" too far.  You may want to Short-Sell your home, try for a Modification, or you may be facing potential Foreclosure. 

 

Campbell & Associates have helped literally hundreds of homeowners in the past 3-4 years by providing them with not only sale comparables, but listings competing on the market now, in-depth analysis of supply and demand, and critically important foreclosure and short sale analysis. That shows your lender what they're up against, in terms of how long they might have to the hold the home if they decide to foreclose, and what their competition is. Of course they will get their own BPO or appraisal, but you can't afford to take their word for what your home is worth.

 

The detailed report Campbell & Associates provides you, can help you make very difficult decisions, and go through tough negotiations, with more confidence, knowing the real value of your home. 

 

There are several formats for home appraisals:

 

"Exterior Only"

The new 2055 is an Exterior Only form -- no more "2055 with Interior" assignments. For interior measurements, photos and inspection, please order a URAR or

 

Single Family General Purpose report for legal or other homeowner use.  That last is a more user--friendly report for your purposes, without a lot of loan underwriting-driven stuff you don't need to muddy the waters.

 

Cost and/or Income Approaches - Only if they're Relevant to Your case

The newer forms do not require the "cost" or "income" approaches you're used to seeing if the appraiser doesn't think it's necessary in your case, or it may be misleading. So you may only see the more standard (for residential mortgages) "sales comparison" approach.

 

Desktop is another popular format for Property Tax Appeals and some other uses. 

Or you may need Only Replacement Cost or Income Comparison, for Insurance purposes Rentals or verification of Market Rents (non-profit uses among others) For more on those special purpose appraisal formats, and how they can Save you Lots of Green as a Homeowner, Please Call us!

 

Questions?

Please don't hesitate to contact us on the web at www,campbellappraisal.com or by phone if you have any questions we haven't answered here.  We're glad to help - remember, we're also South Florida homeowners, and we're not realtors or mortgage brokers, so our only business here is home Value. Your results won't be distorted to sway you to list with us, or try to refinance, paying us loan fees.

 

 

 

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