Upcoming Foreclosures

We live in Michigan. Is it likely the mortgage company will sue us for more after foreclosure?

We live in michigan.We bought a brand new condo two years ago but could not sell the house we are living in. Decided to sell condo instead and have tried for two years to rent or sell at $50,000 under what we paid and got no offers. we can no longer afford the mortgage payments or taxes. We offered the mortgage company the deed in lieu and sent them all the information they requested. They decided to foreclose. They are putting condo up for auction. Is it likely the mortgage company will sue us for more as well?

Public Comments

1. It is possible. Given the mounting losses incurred by lenders during this foreclosure situation, some are turning to litigation to recover the deficiency amount. This is especially true if you have sizeable asset value, liquid or not.
2. Email me the particulars. I was going to go the Detroit to get a deal.