Answer: –  Pray there is not a first mortgage or any back taxes you have to pay…Ha Ha.   Hopefully you did your research prior to the foreclosure auction and found the property to be worth a great deal more than what the 1st was owed and what you paid for the 2nd.  If not, you may want to think hard about an exit strategy.  But assuming you did all your due diligence, as the winning bidder your state and county will determine when you need to come up with money to pay for the property.  It ranges from state to state anywhere from 24 hours after the foreclosure auction to 30 days.  If you can’t get the money within that time, you lose any money you may have had to put down.  Then you may still have to wait to do anything to it if there is a redemption period in your state.

Answer: -Yes, lenders can file a deficiency judgment no matter if it was foreclosed judicially or non-judicially. Typically it’s more common to see deficiency judgments on properties foreclosed judicially but I live in a state where trust deeds are the primary security instrument and deficiency judgments are filed sometimes. In most cases they 1099 the homeowner.