what happens to a foreclosed house that doesn’t sell on the auction block?

I have a subprime loan, mortgage went up an additional $ 1000.00 a month, and my income has changed for the worse, and I am upside down in the mortgage and can’t re-finance. The mortgage company tells me I owe $ 323,500 which includes costs. My mortgage balance was $ 299,000 before I defaulted 7 mos. ago. Costs seem excessive ($ 23,500). More then likely the house won’t sell. Other then a bankruptcy, what are my options?

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