In New Jersey, owners of foreclosed homes may be pursued for a deficiency judgment after the sheriff sale. This action must be brought within three months of the sale. It is my sense that few banks pursue borrowers for deficiency in New Jersey, but I do not really know for sure. In New York, the system works differently and there is no need to bring a separate action for the deficiency amount. Is anyone out there aware if this makes any difference? I am just trying to get a sense of what is really happening at the end of these cases.