Bankruptcy Filing After Sale
Can a person file for bankrupcy after he breached a contract for sale of his property..He also has several leins against his property...this sale would have cured all the leins and left him with extra cash also..
I have been told, bit do not know that this is true that BK court is open 24x7 for filing claims.
Recently I had a purchase contrat for raw land include a clause that is I declared BK the contract would be null and void.
BK is a weird beast.
Since it appears you only have a 200k purchase money loan, the answer is no. They simply lose 50k.
I am not an expert, but I believe different states have different rules for deficiency judgements. Do a search on deficiency judgement (and variations) to find out more. Most certainly in FL they can come after you for the difference. You personally signed for the note to owe them 200k. So they might come after you for a deficiency judgement and they should mail you a 1099 for the debt which could be a taxable event for you.
In reality, most mortgage companies would not waste time pursuing the deficiency since they could not get you to pay the mortgage. But it could show on your credit as a charge off. And, most people in a foreclosure situation can avoid having to pay on the 1099 with a good tax attorney.
Brenda
Sorry, to put your mind at easy, no they will not come after your stuff.
Brenda