Monday, July 27, 2009

Do You Need a Real Estate Appraiser to File for Bankruptcy?


The appraisal report must be submitted in bankruptcy court for the stripping of the 2nd trust deed of the client and other debts like credit cards. A 2nd trust deed is an unsecured loan so if the bankruptcy is approved the bankruptcy court can strip that loan.
Bankruptcy lawyers need an appraisal report from a residential appraiser with an AR (Residential Appraiser) license or an AG license (General Appraiser meaning a commercial appraiser including 1-4 units, multi units apartment and commercial establishments like hotels, malls, etc.). Appraisers with only an AL license (License Appraiser) can not do the appraisal because there are limits in the value of the houses or the complexity of the 1-4 units they can appraise. The lawyers are more likely to suggest to hire an appraiser with an AR license. For more information about who should hire the real estate appraiser and why, please visit: http://www.buzzle.com/articles/hire-real-estate-appraiser-why.html

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1 comment:

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