Need Lending Advice for Sheriff Sale Purchase - Primary Home

[Rusty Knowles]

I am looking at a house that is in the foreclosure process valued at $375k but only has $280K left on the note.

It is about to go to Sheriff Sale in the next 45+ days. I am currently in a mortgage for my house that I listed to sell today for $360K. Fingers crossed I can sell it very quickly.

Question 1 - anyone have advice/experience on catching this before it goes to sheriff sale? Its with Fannie Mae right now so not sure if I could call someone and make a deal.

Question 2 - if it goes to sheriff sale, I dont have the $280K (hopefully no more) in cash to buy so what options would there be? 

I thought to borrow the $280K long enough to buy, repair enough, and refinance back to FHA after selling my current house and then pay off borrowed amount plus fees/interest associated with that. Not sure if that is a crazy scenario I made up or is possible.

Any advice on this would be greatly appreciated.