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So if I understand you correctly, they'll take the appraised value of $59,000, compare it to the ~$110,000 (I know it's slightly but for easy...

Correct. There's a bit of risk here because Phil can't be pursued for anything extra if it sells for below market value, but this will allow them...

So in summary, DSP should have consulted a lawyer before foreclosing LOL. Sucks to live in CT.

How does the chapter 7 bankruptcy affect this? Because, I can't tell wether the extra money owed by the foreclosure is forgiven or not.