This is directed to I AM LIABLE
If you think this is a useless thread and you think I am such a boob then please disconcern yourself from this topic and move on. For someone who thinks this is pointless, you sure have a lot to say
Now for everyone else:
I have contacted the bank who holds my mortgage as well as the title company. From what I understand, the Title company is going to buy our house back from us for the purchase price and then sue the previous owner. That is what title insurance is for.