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    webish's Avatar
    webish Posts: 1, Reputation: 1
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    #1

    Feb 14, 2008, 11:24 AM
    Differences in Florida Law between Forecloser and Bankruptcy
    What are pros and cons of filing for Bankruptcy versus Foreclosure in State of Florida?
    George_1950's Avatar
    George_1950 Posts: 3,099, Reputation: 236
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    #2

    Feb 14, 2008, 11:47 AM
    Foreclosure is a procedure by which a lender takes title to property and sells it; in some situations the lender sells the property and is still owed money and will pursue the mortgagor/buyer for a deficiency, the difference between the amount borrowed and the price obtained in the foreclosure sale. A Chapter 7 bankruptcy petition will discharge the mortgage debt, but does not discharge the lender's lien; so the property will be sold but the lender can not pursue the borrower for more money. A Chapter 13 provides the borrower an opportunity to catch up past due payments and bring the loan 'current'. This is a bankruptcy petition for someone who wants to keep his home.
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