Posted on: 08th Feb, 2009 07:02 am
I am in redemption period of foreclosure on my home. If I'm able to redeem my home for the "redemption amount" which is much less than the original mortgage balance can the mortgage company sue me for the outstanding balance? I am in Michigan and the balance after the redemption amount is well over $100,000.00
If you pay off the redemption amount, you can get back the house from the buyer, but this does not mean that your debt has been waived off. If you buy back the property, you are still responsible for the outstanding amount to your lender and the lender can sue you for that amount. Even if you do not buy back the property, the lender can sue you for the outstanding debt.