My question(s) involves a foreclosure in the State of: Michigan
I am behind on my mortgage and am unable to work out any payment arrangements with my bank.
I received a discharge in a ch. 7 bankruptcy in 9/09. I did not reaffirm any debt.
1. If I let the home go to Sheriff’s Sale, can the bank sue me for the deficiency (since the debt was discharged in bankruptcy)?
2. If #1 is no - Can I redeem it for the price it sells for at the Sheriff's Sale (which I am assuming will be lower than my actual balance) without any liability for the deficiency?
3. Will the bank just bid higher at the sale to make sure they recoup more of their losses (i.e. bid up to what they want for the property when they actually sell it to keep me from doing a short sale and profiting the difference)?
I desperately want to keep my home, what are my options?