What is the probability that the bank is going to sue me after I go into foreclosure? Can they garnish my wages?

How many mortgages do you have on the condo in New York? If you have just one and go into foreclosure, the bank will either take the condo over or auction it off. Once it is auctioned or assumed by the bank, they very rarely come after you personally afterwards. Technically, yes they could sue you for the residual amount, just like when a car is reposessed, but do I see it happen often? No. Now what I have seen lately is when people opt to do a short sale, especially when there is a second lender on the property such as a home equity, they have been suing people for the short fall amount and have been garnishing wages and placing judgments on them.