Saving for a down payment to buy a home can appear overwhelming unless you break it down into small, actionable moves. If your seller holds a regular mortgage like a financial institution would, then the rules are in all probability the identical as for a standard foreclosures.
You should seek the advice of with an lawyer about what the bank can come after so far as belongings, but I believe they normally just go after liquid belongings such as financial institution accounts and garnish wages.
The state of Michigan permits deficiency judgments, the place the financial institution can come after you for the difference between what the house sells for at auction and the mortgage quantity, so there is a risk that the lender might get a judgment in opposition to you.
Earlier to this (2010), the property was foreclosed on and is now owned by the financial institution in response to tax records. You now not have the earnings that your mortgage payment was primarily based on, so it is unlikely you can keep up with it.