If my home goes into foreclosure and is sold...
...at Sheriff's sale, do I buy it back for what's owed on it? Do I have to pay the mortgage company what I owe on it or what it sold for?Actually, I am in a chapter 13 bankruptcy now and included the home. I live in MIchigan and our new wonderful governor has now made it where all teachers have to pay 20% ($5,000 yr) and has cut funding to school districts as well. My district has taken a 5% furlough each month ($500) and we may get anywhere from a 5%-20% pay cut--on top of the health care fee--in September. I can no longer afford this home. The houses in the area are selling for $30-50,000 and I owe $165,000. My furnace went out in March, my water heater went out a week ago, there is a small, dripping leak in the family room roof in the corner, my basement is producing small puddles when it rains, and my front porch is now falling apart. It really doesn't make sense anymore to me. Thanks for all of your responses.
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