The Las Vegas real estate market has seen a dramatic volatility in home values over the last few years. As of the third quarter 2014, 27.8% of the valley homeowners are still underwater and in some cases stuck in properties worth half as much as they owe. This coupled with the tenuous Las Vegas unemployment rate has forced many into bankruptcy through no fault of their own.
One of the first steps in filing a chapter 7 or 13 bankruptcy is for the individual to produce a schedule of assets and debts. The largest and usually most important part of this is schedule is the appraised value of their real estate. The home owner is usually left to find their own bankruptcy appraiser by the attorney and most of the time they go on the internet and pick the first one they see. At Eagle Appraisal we take pride in being sensitive to special needs of your bankruptcy appraisal situation. We will create a certified real estate appraisal which will be comprehensive and well supported so your attorney will be able to defend the appraisers opinion of value in bankruptcy court.
Foreclosures and bankruptcy can be not only confusing but filled with anxiety and pressure, don’t try to do it all by yourself. Get a consultation from an attorney before you try to fight your lender or creditors. Most bankruptcy attorneys will give you a free consultation to give you your options. The more informed you are about housing laws such as the Mortgage Relief and Debt Forgiveness Act and the foreclosure process easier the process will be on you and your family. For 2015 contact your tax consultant about solvency issues to put your mind at ease. If you are considering bankruptcy as an option to stay in your home and have questions about the appraisal process call and talk to us.