I have lost a home in Michigan; it has been foreclosed. At this point the bank is trying to sell the property. Currently the property is appraised at higher than the outstanding amount.

Assuming that the property is sold for less than the balance, does the Michigan law gave the bank the right to come after me for the difference? Because of the long time on the market, I am fearful of a large shortfall.

Thanks for your input.

Yes. In case of a shortfall between your loan balance and what the house sells for, you will be responsible for the difference.

It depends, first at the foreclosure was there an auction, where the house was "sold" if so, then the bank bought it for the amount they bid on it.
This is the most common method of selling the foreclosure homes,

If they did buy it at auction, then if they sell it, they are selling their house, not your house.

If it is still in foreclosure, and they sell it for more than the loan amount, pluse foreclosure costs, plus legal fees and late fees ( not just the outstanding balance) then you would get any amount over.

But normally the homes sell for a lot less than loan value at auction, or even on the market, about 2/3 of apprased value is standard and often less.

It depends on the instrument that secured the note. Was it a Realty Mortgage ,or a Deed of Trust? Different rules apply to different instruments in different states. Check things out on a web-site, or with an attorney. Wishing you the best.