Bankruptcy Appraisals - Call now for more info - 973.715.1700
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 by providing a conclusion of fair market value of a residential real property in a bankruptcy proceeding virtually overnight.
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 debt 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 recent years. A bankruptcy appraisal is an important part of the procedure to determine a homes market valuation. Another filing procedure available, Chapter 13 - Financial Reorganization offers individuals an opportunity to save their homes from foreclosure and possibly cure delinquent mortgage payments over time.
Our professional valuation services in preparing a bankruptcy home appraisal are typically required in such bankruptcy proceedings. Clients or their legal representative(s) can contact us any time and, we would be more than willing to assist by way of providing our services. Call 973.715.1700