On your personal residence, there may be no deficiency if the loan you took out was used for purchase money purposes which means it was generally used to purchase or remodel the home. A deficiency is possible if a lender pursues a deficiency against you within 6 months of the date of foreclosure of the property. As to a junior lien that is foreclosed upon by the first mortgage, there is a six year period available for that lender to pursue you on a deficiency.