My friend (lives in Orlando) is pursuing a BK and wants to be relieved of a condo she owns in Orlando (investment property). She has been
told by multiple BK attorneys that the chapter 7 will “wipe everything out”. I
can see this being true if she signs over the deed during the process, but how
likely is this to happen? Will Bank of America (the servicer of her
1st and 2nd mortgage) take the property back as a part of
the BK discharge?
Or, will they foreclose after the discharge and file a deficiency judgment for the entire amount cancelled?
I have a buyer for her condo if she pursues a short sale, but I want to suggest the best thing for her. She claims
four bankruptcy attorneys have told her the BK will take care of everything for
her, with the bank taking the property back as a result.
Thoughts?
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