Redeem below purchase?

[James W.]

hi guys

is it possible that a foreclosed owner can redeem his property for below what i paid to purchase it? because he only owed so much to the bank?

assume he owed $50,000 to bank, and i bought the house at auction for $200,000.

can he now claim to redeem it by paying $50,000 to me? and i lose my $150,000?

i hope i have missed something here - obvious or otherwise.