My question involves a foreclosure in the State of: Michigan
I live in lower Michigan. Yesterday my house was in the Sheriff's Sale. I was shocked to see the bid price at $37,950, when I owed over $181,000 on the mortgage. There were no 3rd party buyer's for any of the house's including mine.
Today I spoke with a realtor man, who also attended the sale that told me I could buy my house back at the $38,000 bid price during my six month redemption period. My question is, wouldn't I still owe the remaining $143,000 and couldn't the lender just put a lein on the house or a judgement for the balance? He claims I could get the deed and own my house. It is a little scary to me that I could put out my money and borrowed money from family just to be in bigger trouble.
I had lost my job for a few months and have been back in full swing since for the past month but not in enough time to stop the sale. Any answer's will help me greatly. I can provide more information about the location privately.
Thank You
Surviver1

