Will I get sued by my mortgage company if I foreclose on my home?

I live in Michigan, have a first mortgage through Citi Mortgage and a second through Webster Bank. If I foreclose on my home, will I get sued for the difference of what my house sells for and what I owe? Also, how does it work because I have two mortgages?





Any info will be greatly appreciated.





Thanks!Will I get sued by my mortgage company if I foreclose on my home?
It depends who is foreclosing. If it's Webster, they can't do anything other than report a derogatory on your credit report because in order to execute an eviction they would have to be in first lien position which means they would have to pay off Citi. If Citi is executing the foreclosure than Webster is out of luck because they are subordinate to Citi.





Michigan gives a 6 month redeption period after the sheriff's sale. 12 months depending if the property is zoned agricultural and if the balance owed is determined to be less than a 5% LTV. Chances are no one will buy it at the sheriff's sale and it will revert back to the lender.





I would suggest you get a forensic audit done. If the loan was originated by Ameiquest or Argent it probably littered with fraud and Citi probably doesn't have the legal standing to execute the foreclosure.








It's very rare in Michigan but it does happen. Matter of fact, Countrywide did it to one my clients.Will I get sued by my mortgage company if I foreclose on my home?
First, you don't foreclose on yourself, your mortgage company forecloses on your house.





The mortgage company may try to sue for the difference.





Have you talked to them?
Probably. Most people in that situation will file bankruptcy to wipe out the debt. If you are going through foreclosure now, I would not make any more payments on either mortgage.