[CharacterCounts]

I very seldom see a 1st trust holder go after a borrower after a foreclosure because the bank usually bids the property in for their own claim,

That used to be the case. Not Today. Most banks bid much lower than the balance and many do not bid at all.

[PUGACHEV]

I'm in Northern Virginia, and in my job I happen to meet with foreclosure attorneys in our state every other week or so. There are really only three big firms doing foreclosure work in the eastern half of this state, and they very rarely do a specified bid auction, which is where there might be a possibility of a deficiency. Almost always, the bank buys the property for its claim, and the bank is the only bidder. There has lately been an increase in speculators at the auctions, which is a good thing, but nothing like it was before the bust. Of course, Virginia is a non-judicial foreclosure state, and things may be different in a judicial foreclosure state, like Florida.