It means you are the fee owner of the home still and have a VERY few basic choices left regarding your home. The bank does not have to accept any funds from you less then the payoff in full plus all legal fees and interest. You have these options
1) sell the home=get at least some cash out
2) get money to pay off the home in full
3) live there without paying anything until the redemption period is over and the bank owns the home and kicks you out
4) sign the house over to the bank and leave it"deed in leu of foreclosure"
Note you can't file a chapter 13 bankruptcy after the sheriff sale to save the home. You would have to file before the sheriff sale.
If you have equity financing may be available to 75% of the home value.
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