Bankruptcy Appraisals

The impact of the mortgage crisis has had a significant affect on homeowners as well as lenders. Alta Associates Appraisals, Inc can provide you with a real estate appraisal report to be utilized for court purposes in determining the estimated market value of a residential real property in a bankruptcy proceeding.  

Bankruptcy is a legally declared inability or impairment of ability of an individual or organization to pay its creditors. Creditors may file a bankruptcy petition against a debtor ("involuntary bankruptcy") in an effort to recoup a portion of what they are owed or initiate a restructuring. In the majority of cases, however, bankruptcy is initiated by the debtor (a "voluntary bankruptcy" that is filed by the bankrupt individual or organization). Chapter 7 - Liquidation is the most commonly filed form of bankruptcy, having doubled in number in the last two years. A bankruptcy appraisal is an important part of the procedure to determine a homes market value. Another filing procedure available, Chapter 13 offers individuals an opportunity to save their homes from foreclosure and possibly cure delinquent mortgage payments over time.

Our professional services in preparing a bankruptcy home appraisal  are typically required in such a matter. Clients or their legal representative(s) can contact us any time and, we would be more than willing to assist. Call 973.715.1700