When can the bank issue a deficency?

Posted by Morgan on March 27, 2008 at 16:59:16:

Hello, we live in MI. Our house went into foreclosure in November. We owed 199,000 and the bank bought it back for 124,000. We had until May 2nd to redeem the property, today we were able to sell it. We sold it for the amount that the bank bought it for at the Sheriff sale, 124,000. My question is, could the bank come after us for any deficencies? I am really confused what this means exactly and have not been able to get a clear answer. I am just wondering what to expect.

Thanks

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