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Sheriff's Sale

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my partner and I purchased, what turned out to be a 2nd mortgage at a aheriff's sale on the 16th of may. there is a 1st mortgage of ~ 73K. we are confident that the property is worth both mortgages combined, but are unsure of how to proceed. the 1st mortgage co has started foreclosure. do we have title to the property since the 2nd completed their foreclosure? do we need to buy out the 1st in order to protect our interest? or, is there a way to get out of the sheriff's sale and not loose all of our deposit? the property is in union county, new jersey.

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