Christopher James Meredith

UNITED STATES BANKRUPTCY COURT
EASTERN DISTRICT OF NORTH CAROLINA
WILMINGTON DIVISION
IN RE:
CHRISTOPHER JAMES MEREDITH, 	Case No. 09-002872-8-JRL
Chapter 13
DEBTOR
ORDER GRANTING MOTION FOR VALUATION
This matter is before the court on the Motion of Vanderbilt Mortgage and Finance, Inc.
(“Vanderbilt”) for valuation of its collateral. On September 23, 2009, the court conducted a
hearing on the matter in Wilmington, North Carolina.
On April 7, 2009, the debtor filed for relief under Chapter 13 of the Bankruptcy Code. On
September 18, 2002, the debtor purchased a 1998 Redman Parker manufactured home bearing
serial number 13908184AB located at 1077 Lizzie Henry Road, Ivanhoe, NC 28447, for
$77,126.00. In addition to the manufactured home, the loan is also secured by the 7.44 acre tract
to which the home is affixed, and an adjacent tract of approximately 17.3 acres. Vanderbilt
objects to the debtor’s valuation of its collateral.
At the hearing, Joseph Burke, a home appraiser whom the court certified as an expert,
testified on behalf of Vanderbilt. The appraiser established that the market value of the mobile
home and the real property as of June 13, 2009, is $96,000, based on valuation trends and an
SO ORDERED.
SIGNED this 02 day of October, 2009.
________________________________________
J. Rich Leonard
United States Bankruptcy Judge
____________________________________________________________
Case 09-02872-8-SWH Doc 46 Filed 10/02/09 Entered 10/02/09 13:27:03 Page 1 of 2

2
analysis of the neighborhood data. The appraiser established that there were no homes in the
subject area with which to compare the debtor’s home due to lack of sales in the community.
Therefore, his valuation was based on comparables of sales of manufactured homes in adjacent
rural locations; adjustments were made for the individual sites based upon tax value, square
footage and amenities.
The debtor also testified before the court. He established that the mobile home was
purchased on September 18, 2002, for $77,126.00. According to the debtor, the collateral should
be valued at $43,433.00. He asserts that the mobile home should be valued at $22,000 based on
the age and location of the home. The 7.44 acres tract of land on which the mobile home is
located on should be valued at $12,195.00 and the adjacent unimproved and unused tract of land
should be valued at $9,238.00.
The court finds that the appraiser’s testimony is credible. The appraiser made adequate
adjustments to the comparables to account for the difference in location and features. The
appraiser did not take into account that the forest fire on the adjacent land and repairs necessary
to the mobile home diminish the value. Still, any offsets leave the property valued in excess of
the claim.
Based on the foregoing, Vanderbilt’s claim will be treated as being fully secured in the
amount of $78,749.00. The Chapter 13 Plan may be modified or extended as necessary to satisfy
the claim.
END OF DOCUMENT
Case 09-02872-8-SWH Doc 46 Filed 10/02/09 Entered 10/02/09 13:27:03 Page 2 of 2