You should be fine as long as you show up at the designated location and time for the sheriff's sale. It wouldn't hurt to contact an attorney. Here's a name and number:
Thomsen & Nybeck
If you are in Georgia you have one year. You have to pay whoever bouth it back what they paid for it at the sheriffs sale plus 20%. Afther a year the new owner can foreclose on your right of redemption.... more
In many cases, there will not be a deficiency judgement, but there are exceptions. As more and more homes go into foreclosure, servicers and their investors are getting aggressive about securing deficiency judgements whenever possible by doing a judicial foreclosure rather than a foreclosure by advertisement. This is especially true when the lender has some indication that you have the ability to pay.
As Chris stated, a short sale may be an option...
But that too has its issues. You may want to consider the tax consequences as well. In some, but not all cases, the IRS will waive the taxes on the "forgiven" mortgage amount. But the Mortgage Debt Forgiveness will sunset at the end of the year. http://www.irs.gov/newsroom/article/0,,id=254930,00.html... more