I am purchasing a house which was purchased on a foreclosed auction by my seller. The property has 20K mortgage due. So if I close the deal then will I be legally responsible to pay this due mortgage amount? Can the bank come after me? Just to be clear, my seller didn’t take any mortgage after purchasing the property from auction.I don’t have much experience in real estate. Can someone please explain what happens in following scenario? Lets say an owner purchased a property for 100K and then due to his financial situation, the property was sold on a foreclosed auction for 50K. I am assuming, this 50K will go to the bank. So what will happen to the remaining 50K?