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Contesting Trustees mvaluation of residence
Thank you for all of your responses and insight on this topic. As
far as my client, it appears that despite this trustee having an
aggressive stance on amounts over and above exempt amounts, I have
been able to procur a settlement amount significantly less than the
original figure. More importantly it is a figure that my client can
live with. Just hope that client's refi will go as smoothly.
The post was migrated from Yahoo.
Especially in the San Fernando Valley these days, the Trustees are not accepting other opinions but their own broker's. I had Brad Krasnoff tell me exactly what Dennis just wrote--that he would just list the house and see what offers came in. However, most if not all of the trustees are willing to accept settlements and several will be quite flexible as to the settlement amount and length of time to pay.
Melissa Besecker
Dennis McGoldrick wrote:
a trustee, I would just put he house up for sale and
let he market answer the valuation question. So extra
appraisals, etc., aren't very persuasive. If you want
to short circuit the sale, you have to get to the
lawyer for the trustee and ask the question about net,
net, net, income to the estate. This is the amount
the trustee may accept in a refinance.>
dennis
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Especially in the San Fernando Valley these days, the Trustees are not accepting other opinions but their own broker's. I had Brad Krasnoff tell me exactly what Dennis just wrote--that he would just list the house and see what offers came in. However, most if not all of the trustees are willing to accept settlements and several will be quite flexible as to the settlement amount and length of time to pay.
Melissa BeseckerDennis McGoldrick <easky1@yahoo.com> wrote:
---the trustee doesn't have to negotiate. When I wasa trustee, I would just put he house up for sale andlet he market answer the valuation question. So extraappraisals, etc., aren't very persuasive. If you wantto short circuit the sale, you have to get to thelawyer for the trustee and ask the question about net,net, net, income to the estate. This is the amountthe trustee may accept in a refinance.> dennis__________________________________Do you Yahoo!?Yahoo! Mail - More reliable, more storage, less spamhttp://mail.yahoo.comDo you Yahoo!?
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The post was migrated from Yahoo.
The best possible pressure is a counter claim for unjust enrichment, if
you have the facts, or a motion to compel abandonment. Trying to
convince a trustee not to investigate or test the market is a losing
cause, because you are attempting to persuade them not to do their job.
Trustees need the comfort of a Court order, i.e. an order compelling
abandonment.
David A. Tilem
Certified Bankruptcy Specialist*
Law Offices of David A. Tilem
500 N. Brand Blvd., #460, Glendale, CA 91203
Tel: 818-507-6000 Fax: 818-507-6800
* Personal & small business bankruptcy specialist cert. by State Bar of
CA Bd of Legal Specialization.
Sent: Thursday, March 18, 2004 10:04 PM
To: cdcbaa@yahoogroups.com
Subject: [cdcbaa] Re: Contesting Trustees mvaluation of residence
Thanks for all the assistance. I understand that the trustee has
the authority to sell the residence. What I was hoping for is some
means to challenge the trustee's valuation of the property. Are
there some tips on putting pressure on the trustee to put some
negotiating power into the client's field. I was thinking of
presenting trustee with an appraisal or with estimates from other
real estate agents. Clients in the meantime are trying to get some
kind of financing.
Yahoo! Groups Links
The post was migrated from Yahoo.
a trustee, I would just put he house up for sale and
let he market answer the valuation question. So extra
appraisals, etc., aren't very persuasive. If you want
to short circuit the sale, you have to get to the
lawyer for the trustee and ask the question about net,
net, net, income to the estate. This is the amount
the trustee may accept in a refinance.>
dennis
__________________________________
Do you Yahoo!?
Yahoo! Mail - More reliable, more storage, less spam
http://mail.yahoo.com
The post was migrated from Yahoo.
Thanks for all the assistance. I understand that the trustee has
the authority to sell the residence. What I was hoping for is some
means to challenge the trustee's valuation of the property. Are
there some tips on putting pressure on the trustee to put some
negotiating power into the client's field. I was thinking of
presenting trustee with an appraisal or with estimates from other
real estate agents. Clients in the meantime are trying to get some
kind of financing.
The post was migrated from Yahoo.
FYI to all in Chapter 13's.
The Trustee is using their own evaluations as well by going to lacountyassessor.com
This gives the Trustee up to date sales in the area.
"Louis J. Esbin" wrote:
The Trustees are getting more aggressive with respect to residential
real property values. Before filing, you need to get your client to
present comps to you that you can forward to the Trustee. Many
Trustees are using Bill Friedman (as if he is the only realtor in
town). I have two objections pending based upon the choice of
realtor that completed the trustee's evaluations - both are Bill
Friedman.
wrote:
> I think that the trustee will eventually have to file a turn-over
motion and
> you will have to respond (if retained my your client to do so.)
Best to
> discuss this first. Maybe converting to Ch 13 would be a better
bet. No
> problem having excess equity. CMF
> ----- Original Message -----
> To:
> Sent: Monday, March 15, 2004 2:44 PM
> Subject: [cdcbaa] Contesting Trustees mvaluation of residence
>
>
> > Hi, I am a newbie in this area, but I need to know. Client has
> > excess equity in home beyond standard $50k homestead exemption on
a
> > condo in a Chapter 7. Trustee says its is worth 270k and wants
> > client to pay to estate to the tune of $60k. Client and I believe
> > that property is worth less, somewhere in neighborhood of $215k -
> > $245k. I know I will need different real estate agents estimates
> > and the like, but what is the process in taking this up with the
> > trustee. Thanks in advance.
> >
> >
> >
> >
> >
> > Yahoo! Groups Links
> >
> >
> >
> >
> >
> >
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FYI to all in Chapter 13's.
The Trustee is using their own evaluations as well by going to lacountyassessor.com
This gives the Trustee up to date sales in the area."Louis J. Esbin" <Esbinlaw@sbcglobal.net> wrote:
The Trustees are getting more aggressive with respect to residential real property values. Before filing, you need to get your client to present comps to you that you can forward to the Trustee. Many Trustees are using Bill Friedman (as if he is the only realtor in town). I have two objections pending based upon the choice of realtor that completed the trustee's evaluations - both are Bill Friedman.--- In cdcbaa@yahoogroups.com, "Carolyn Fergoda" <cmfergoda@e...> wrote:> I think that the trustee will eventually have to file a turn-over motion and> you will have to respond (if retained my your client to do so.) Best to> discuss this first. Maybe converting to Ch 13 would be a better bet. No> problem having excess equity. CMF> ----- Original Message ----- > From:
"khiemtiva" <khiemtiva@y...>> To: <cdcbaa@yahoogroups.com>> Sent: Monday, March 15, 2004 2:44 PM> Subject: [cdcbaa] Contesting Trustees mvaluation of residence> > > > Hi, I am a newbie in this area, but I need to know. Client has> > excess equity in home beyond standard $50k homestead exemption on a> > condo in a Chapter 7. Trustee says its is worth 270k and wants> > client to pay to estate to the tune of $60k. Client and I believe> > that property is worth less, somewhere in neighborhood of $215k -> > $245k. I know I will need different real estate agents estimates> > and the like, but what is the process in taking this up with the> > trustee. Thanks in advance.> >> >> >> >> >> > Yahoo! Groups Links> >> >> >> >>
>> >Do you Yahoo!?
Yahoo! Mail - More reliable, more storage, less spam
The post was migrated from Yahoo.
Forcing the trustee to file a turnover motion means that you are placing
your client's discharge at risk.
David A. Tilem
Certified Bankruptcy Specialist*
Law Offices of David A. Tilem
500 N. Brand Blvd., #460, Glendale, CA 91203
Tel: 818-507-6000 Fax: 818-507-6800
* Personal & small business bankruptcy specialist cert. by State Bar of
CA Bd of Legal Specialization.
Sent: Tuesday, March 16, 2004 12:46 PM
To: cdcbaa@yahoogroups.com
Subject: [cdcbaa] Re: Contesting Trustees mvaluation of residence
The Trustees are getting more aggressive with respect to residential
real property values. Before filing, you need to get your client to
present comps to you that you can forward to the Trustee. Many
Trustees are using Bill Friedman (as if he is the only realtor in
town). I have two objections pending based upon the choice of
realtor that completed the trustee's evaluations - both are Bill
Friedman.
wrote:
> I think that the trustee will eventually have to file a turn-over
motion and
> you will have to respond (if retained my your client to do so.)
Best to
> discuss this first. Maybe converting to Ch 13 would be a better
bet. No
> problem having excess equity. CMF
> ----- Original Message -----
> To:
> Sent: Monday, March 15, 2004 2:44 PM
> Subject: [cdcbaa] Contesting Trustees mvaluation of residence
>
>
> > Hi, I am a newbie in this area, but I need to know. Client has
> > excess equity in home beyond standard $50k homestead exemption on
a
> > condo in a Chapter 7. Trustee says its is worth 270k and wants
> > client to pay to estate to the tune of $60k. Client and I believe
> > that property is worth less, somewhere in neighborhood of $215k -
> > $245k. I know I will need different real estate agents estimates
> > and the like, but what is the process in taking this up with the
> > trustee. Thanks in advance.
> >
> >
> >
> >
> >
> > Yahoo! Groups Links
> >
> >
> >
> >
> >
> >
Yahoo! Groups Links
The post was migrated from Yahoo.
The Trustees are getting more aggressive with respect to residential
real property values. Before filing, you need to get your client to
present comps to you that you can forward to the Trustee. Many
Trustees are using Bill Friedman (as if he is the only realtor in
town). I have two objections pending based upon the choice of
realtor that completed the trustee's evaluations - both are Bill
Friedman.
wrote:
> I think that the trustee will eventually have to file a turn-over
motion and
> you will have to respond (if retained my your client to do so.)
Best to
> discuss this first. Maybe converting to Ch 13 would be a better
bet. No
> problem having excess equity. CMF
> ----- Original Message -----
> To:
> Sent: Monday, March 15, 2004 2:44 PM
> Subject: [cdcbaa] Contesting Trustees mvaluation of residence
>
>
> > Hi, I am a newbie in this area, but I need to know. Client has
> > excess equity in home beyond standard $50k homestead exemption on
a
> > condo in a Chapter 7. Trustee says its is worth 270k and wants
> > client to pay to estate to the tune of $60k. Client and I believe
> > that property is worth less, somewhere in neighborhood of $215k -
> > $245k. I know I will need different real estate agents estimates
> > and the like, but what is the process in taking this up with the
> > trustee. Thanks in advance.
> >
> >
> >
> >
> >
> > Yahoo! Groups Links
> >
> >
> >
> >
> >
> >
The post was migrated from Yahoo.
I think that the trustee will eventually have to file a turn-over motion and
you will have to respond (if retained my your client to do so.) Best to
discuss this first. Maybe converting to Ch 13 would be a better bet. No
problem having excess equity. CMF
To:
Sent: Monday, March 15, 2004 2:44 PM
Subject: [cdcbaa] Contesting Trustees mvaluation of residence
> Hi, I am a newbie in this area, but I need to know. Client has
> excess equity in home beyond standard $50k homestead exemption on a
> condo in a Chapter 7. Trustee says its is worth 270k and wants
> client to pay to estate to the tune of $60k. Client and I believe
> that property is worth less, somewhere in neighborhood of $215k -
> $245k. I know I will need different real estate agents estimates
> and the like, but what is the process in taking this up with the
> trustee. Thanks in advance.
>
>
>
>
>
> Yahoo! Groups Links
>
>
>
>
>
>
The post was migrated from Yahoo.
Hi, I am a newbie in this area, but I need to know. Client has
excess equity in home beyond standard $50k homestead exemption on a
condo in a Chapter 7. Trustee says its is worth 270k and wants
client to pay to estate to the tune of $60k. Client and I believe
that property is worth less, somewhere in neighborhood of $215k -
$245k. I know I will need different real estate agents estimates
and the like, but what is the process in taking this up with the
trustee. Thanks in advance.
The post was migrated from Yahoo.