Florida is a full-recourse state in regard to mortgage loans. This means that a mortgage default can result not only in the bank taking back the home but also suing for any deficiency.
In fact, the filing of a lawsuit to collect the difference between the home value and the mortgage note after foreclosure is becoming more and more common.
Chapter 7 bankruptcy is a powerful tool that can be used to wipe out this type of debt - even if the amount is as much as several hundred thousand dollars. Chapter 7 is available to relieve this type of debt because at the point the home is taken the leftover debt becomes "unsecured" and therefore able to be dissolved by a knowledgeable bankruptcy lawyer.
Bankruptcy is not just for credit card debt. Sometimes, the wisest thing a person can do is wipe out a foreclosure debt and start over. Call me for details.
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