Sheriff's Sale Help

[Jason S]

Newbie ?'s

I am trying to do my research properly, any help greatly appreciated.

There is a home I am interested in coming up at auction. The appraised value $65,000 therefore opening bid would be Approximately $42,900 (2/3)

The previous owner has an 80/20 and the 1st mortgage balance is approximately $54,000 and the 2nd mortgage balance is approximately $12,000.

What effect does this have? I mean let's say nobody else bid and I got it at opening bid $43,000. Is this considered a short sale to the bank, meaning they write off the remaining balance?

And if the 1st mortgage company is the one foreclosing what happens to the 2nd mortgage?