bankruptcy after foreclosure sale

Can a mortgage company go after me for what they loosely on short sale or Forclosure? I?

Hi, My house is in foreclosure and it is are two loans. The second loan verdict set over me. I'm trying to sell the house in short sale. Will they come after me for any money they lose? If so, to what extent? If I file for bankruptcy that will take care of this mess, so I start to build my life again? I have nothing of Value and currently unemployed and my family and I are actually living with my parents in their apartment to buy. I am a first time buyer and not refinanced. The house was in November bought 2007th I also paid about five months ago when all this began. Will this ever and they come after me until I die? WHAT CAN I DO?

It depends on the wording of the contract. If it is "without recourse" they have the proceeds from the foreclosure sale accept as full payment. If it is "with recourse", then you can go to the deficiency. Normally, when you agreed to a short sale, the lender commits to the proceeds from the acceptance of short sale without recourse, but that's up to negotiations if the note with recourse. If they go after you for any shortfall filing BK could solve the problem. Consult with a local attorney for specific advice for your situation.

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