Buying a House Through the Auction

[Stephanie Polydoroff]

Hi there! There is a property I am interested in that will be up for sale at the auction next week with the starting bid amount of $38k. I noticed it is listed on the MLS at $139k. It appears that Fannie Mae purchased the property a few year back and that it is occupied by a tenant.

If the property sells for less than the loan amount of $149k will I be responsible for paying the remainder of the loan, or will i only be responsible for the winning bid amount?

Thanks for your help