Hi Carolyn, I'm not a lawyer, nor am I aware of the details of your circumstances; however, my understanding is as follows:
There a number of ways a lender may or may not be able to go after personal assets via a deficiency judgment after a foreclosure, but it makes a difference on how the property is foreclosed.
For a Non-owner occupied rental where:
1) A lender made a purchase money (recourse) loan, then a deficiency judgment can be attempted if a judicial foreclosure was used. This is not allowed under a trustee sale foreclosure.
2) A Seller financed a purchase money loan, no deficiency judgment can be attempted (non-recourse loan).
3) You as the owner of the property, refinanced the property (recourse loan), then a deficiency judgment can be attempted if a judicial foreclosure was used. This is not allowed under a trustee sale foreclosure.
In any case, you situation should be reviewed by a RE Lawyer to make sure.
You may also want to review questions 4 thru 6 of this document:
Best Regards, Steve