Tampa Bay Appraiser's Blog

     Under the U.S. Constitution, you have the ability to relieve all or part of your debts when you can no longer meet your obligations to creditors and lenders.  Two major types of personal bankruptcy apply to consumers.  Chapter 7 bankruptcy allows debtors to discharge all or part of their debt.  In Chapter 13 bankruptcy, debtors repay all or part of their debt based on a payment plan.

Chapter 7 Bankruptcy

Under Chapter 7 bankruptcy, you can have all or part of your debts discharged, after your liquid assets are used to repay some of the debt.

How do I qualify?

To qualify for Chapter 7, you must pass a means test proving that your income is less than the median income for your family size in your state. If you fail the means test, you will not be allowed to file Chapter 7. Instead, you can file Chapter 13.  In addition to passing a means test, you must receive credit counseling from an approved credit counseling agency. You can find approved credit counseling agencies at the U.S. Trustee Program’s website.

Chapter 13 Bankruptcy

Under Chapter 13, you repay all or part of your debt through a three- to five-year repayment plan. When you make the personal bankruptcy filing, you will also submit a repayment plan to the court. After submitting the plan, you should begin making payments to the court (who then pays your creditors). This is required even if your plan hasn’t been approved.

After a few weeks, there will be a hearing to approve your payment plan. While creditors can object to the payment amounts, the judge has the final say. After your plan has been approved, you’ll continue making payments to the court. Once you’ve completed your Chapter 13 payment plan, any remaining debt is discharged. You are no longer liable for discharged debts.

Why would I file Chapter 13?

You might choose to file Chapter 13 instead of Chapter 7 if you have secured debt, like a car loan, that you want to continue paying. Since Chapter 7 bankruptcy requires you to give up certain liquid assets, Chapter 13 might be a better option if you want to keep these assets. Furthermore, if your income above the median for your family size in your state, you will not be able to file Chapter 7 bankruptcy.

If you are in need of an appraisal for a personal bankruptcy please give us a call to serve you at (813) 391-6121.

Pacific Investment Management’s Bill Gross plugged a plan floated a few weeks ago that would allow millions of homeowners to refinance their mortgages at today’s rates, which are the lowest in generations.

With Treasury Secretary Timothy Geithner moderating a panel, Mr. Gross said the U.S. could easily refinance every current mortgage borrower, who is paying a rate above 5%, with a loan backed by Fannie Mae, Freddie Mac, and the Federal Housing Administration, returning tens of billions in savings.

With mortgage rates at their lowest levels in more than 50 years, some economists say the answer is a slam dunk: Make it easier for homeowners to refinance.  In turn, some analysts are saying the result of such a refinance boom would lift housing prices by 10%- 15%.

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The lure of playing the lottery and winning millions for doing nothing might sound hard to do.  The odds of winning are extremely low and even lower if no ticket is bought.  Successfully getting a loan modification has a lot in common with winning a lottery jackpot.  Getting your lender to agree to a drastic reduction in payments and principal reduction is similar to winning the lottery.  The old adage, “the lottery is for those who don’t know how to do math” is very true.  Less than 1% of all loan modifications become permanent.   

A recent article in the Wall Street Journal points out a new trend in trying to help underwater borrowers- Loan Vultures.  Scavenger funds are growing in numbers, however, they are receiving friction from lenders.  According to the Wall Street Journal, “Most delinquent mortgages aren’t available for sale because they are locked up in so-called private-label securities (the ones packaged by Wall Street during the boom) or in the hands of Fannie Mae or Freddie Mac.” 

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“If these statistics do not show stabitlty and an increrase in home values in a  “DOWN ECONOMY” I will eat my appraisers Hat”.  THERE IS NO BETTER TIME TO BUY OR REFINANCE IN THE FISHHAWK RANCH MARKET.

AVERAGE # OF SALES PER MONTH (LAST YEAR) = 65                      STABLE

AVERAGE ABSORPTION RATE/MONTH (LAST YEAR) = 17.61  INCREASING

AVERAGE MONTHS OF HOUSING SUPPLY =  9.14 MONTHS        DECREASING  

CURRENT MEDIAN SALES PRICE = $295,000                                       INCREASING

CURRENT AVERAGE SALES PRICE = $328,931                                      INCREASING

MEDIAN SALES DAYS ON MARKET = 68                                                    STABLE

MEDIAN LISTING PRICE = $289,950                                                           INCREASING

MEDIAN LISTINGS DAYS ON MARKET = 73                                           DECREASING    

MEDIAN SALES % OF LIST PRICE = 96%                                                     STABLE 

Criteria:  MLS data, 3 and 4 bedrooms over the last two years in FishHawk Ranch Subdivision Lithia, FL

If you are planning on buying, selling, or refinancing give me a call.  Florida’s Beautiful Homes is your one-stop shop for your residential real estate needs. 

Here to help!!!

Jon Tipton, Realtor/Certified Appraiser

813-391-6121

10 Things Great Appraisers Do (You did not know about)

1.  Avoids making assumptions and knock on a door to get information
2.  Want to know the real value and not if they qualify for a loan amount
3.  Thinks like a buyer and asks what drives them to make decisions  continue reading…