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Michigan Sheriff Sale Took Place, Now What

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  • 10-25-2009, 01:31 PM
    lizz137
    Michigan Sheriff Sale Took Place, Now What
    Hello. My home in Michigan was foreclosed on, and then sold at a Sheriffs sale. The bank/mortgage company bid on the home for the full amount owed on the house and a sheriffs deed has been conveyed to them. I am given a redemption period, but I no longer live in the home and have no intentions or desire of regaining ownership of this house.

    I understand why the bank bid on the house. However, my question is, what now? If the bank puts the house on the market and sells it, will I be responsible for the deficiency that will result between what the bank bought it back for and what they will be able to sell it for? I am CERTAIN the bank will not get a full asking price...home is located near Detroit, Michigan.

    What are my potential monetary liabilities now that the mortgage company has bought the house for full price (full amount owed on the house) at Sheriffs sale?

    My current residency is in Texas. Thank you.
  • 10-26-2009, 08:17 PM
    Mr. Knowitall
    Re: Michigan Sheriff Sale Took Place, Now What
    Your responsibility for any deficiency is based upon the price at auction, not the eventual sale price achieved by the buyer. You say there was no deficiency, so assuming that means they 'paid' the mortgage and recoverable costs of foreclosure and sale, there's no basis for them to pursue you.
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