If the foreclosure is in New Jersey, New Jersey law applies to both the foreclosure and the potential deficiency claim. So, you should consult a New Jersey attorney who is knowledgable in this area of law immediately so you will have the maximum time to plan whatever strategy is most in your interest. Time is your enemy.
Please note that the above is not intended as legal advice, it is for educational purposes only. No attorney-client relationship is created or is intended to be created hereby. You should contact a local attorney to discuss and to obtain legal advice.
Unless you get some sort of settlement or release of claims, the bank has the right to go after you or send you a 1099 for the deficiency or write off.
If this answer was helpful, please mark it as helpful or as a best answer. This answer is for general education purposes only. It neither creates an attorney-client relationship nor provides legal guidance or advice. The answer is based on the limited information provided and the answer might be different had additional information been provided. You should consult an attorney.