Section 7

Section 7. At such hearings, any party in interest may introduce into evidence, testimony of the fair value of the premises sold, at the time of the sale or of any other matter in issue. If the fair value of the said property at the time of the said sale shall be finally determined to be less than the total of the amounts of the judgment with interest and costs, any prior mortgage or judgment liens not discharged by the sale, the secured and unpaid taxes, water rents, and other State or municipal liens with interest and penalties thereon, the court shall enter a deficiency judgment in the said proceeding in the amount of the difference, and thereupon the liability of all persons, directly or indirectly, liable for the payment of the said mortgage debt shall be limited to the amount of the said deficiency judgment: Provided, however, That in no event shall the fair value be determined to be less than the price for which the property was sold at such sheriff's sale.