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Ratings. Guidance. The Right Lawyer.
What is the probability that the bank is going to sue me after I go into foreclosure? Can they garnish my wages?
Medford, NY
Viewed 39 times.
Posted 28 days ago in Foreclosure
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I currently own a condo in New York that I'm very upside down on. If I purchase a second house, and go into foreclosure on the first house, what are my consequences? I know my credit will be damaged. My question arrises out of the possibility of being sued by CitiMortgage. I've heard many conflicting opinions.
What is the probability of being sued? I do have PMI on my property. If I am sued, can they garnish my wages? I've heard that it is in the banks legal right, but is still very unlikely to actually happen, especiially given the condition of the general market. Answers (1)
Christopher B Kleister
This attorney is licensed in New York.
Posted 17 days ago.
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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.
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