Many homeowners are consulting with Bankruptcy Attorneys to find relief under the current Chapter 13 bankruptcy laws. Under existing bankruptcy laws, second and third mortgages and HELOC liens can be stripped from your homestead when there is no equity to secure them. This is known as the “cram down” or “strip down” option. For example, if an appraisal shows that your home is worth less than the threshold of your second mortgage
an appraisal is an estimate of market value. An real estate appraisers, can use many methods for coming up with this estimate. For income producing property, the appraiser may capitalize the value of the income stream. (It would take “x” dollars of capital invested at a “y” rate of return to produce an income equal to the rental income generated by this property.)
Re-state The Key Areas. bank appraisers, give managers and employees the chance to re-state the key result areas of the job. These are, quite simply, what people are paid for. For a manager, they might be: Production; Quality; Costs; Safety; Staff. For an engineer, they might be Repair; Maintenance; Installation; Improvements. An appraisal is like the follow-up to a recruitment interview. Just as the recruitment interview at the start of employment looks at the key areas of a job and the person’s skills in these areas, so the appraisal at regular intervals throughout employment looks at how key areas have changed and whether the employee’s skills need to change with them.
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