Appraial before foreclosure?

[KT in CA]

I'm curious whether anyone has gotten an appraisal on their home before it forecloses?

We are going to have to go the insolvency route with the IRS since we refinanced and are not protected under the MFDRA. We will have to include the FMV of the home in our insolvency calculation and I'm thinking this might be a good thing to have. Also to match with the 1099 from our lender to see what they put the FMV of the home at if it doesn't sell at auction.

Any feedback is appreciated.

Karen

[tryingtostay]

Originally Posted by KT in CA

I'm curious whether anyone has gotten an appraisal on their home before it forecloses?

We are going to have to go the insolvency route with the IRS since we refinanced and are not protected under the MFDRA. We will have to include the FMV of the home in our insolvency calculation and I'm thinking this might be a good thing to have. Also to match with the 1099 from our lender to see what they put the FMV of the home at if it doesn't sell at auction.

Any feedback is appreciated.

Karen

What a smart thing, Karen! I hadn't thought of that. Even if you went to a local realtor's office now and had them pull up a free comp evaluation for your property to get current FMV, it would be worth having.

Spending $300 or so for an appraisal might be worth the piece of mind and would be great proof for an insolvency case.

What does MFDRA stand for?

[AZChick]

Mortgage Forgiveness Debit Relief Act..

[tryingtostay]

Originally Posted by AZChick

Mortgage Forgiveness Debit Relief Act..

doh! I should have figured that one out easily!