Foreclosure By Sale in CT - What happens?

[Gregory Robinson]

Hello,

Trying to get a better understanding of what happens in a foreclosure by sale in CT when the debt is more than the value of the property.   What happens to the remaining debt after the sale?   For example let's say the market value of the property is 300k but the outstanding debt is 400k.  We'll assume the mortgage company is the one foreclosing on the property and they are owed 350k.

What other liens do you need to look out for- or which ones get extinguished?  

I see a lot of these properties and think there's no way it makes sense to bid on one- but trying to understand what actually happens- because someone must take them over...?