Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.
Good morning. The bank should have merely been seeking a summary judgment for the right to foreclose. Your situation with the owner has nothing to do with the bank and this foreclosure action is simply seeking the bank's right to foreclose. The foreclosure extinguishes all junior liens such as yours. But, you should nonetheless get paid what is owed you. The way a foreclosure works is that property goes up for sale. Out of the sale proceeds, the bank gets paid in full first. Then, if there are excess funds, the junior liens get paid in the order of their priority. If your next, and given the value of the property, there should be excess funds and you would be entitled to be paid in full next. If there are not sufficient funds, you still have a right to sue the owner personally to collect any shortfall. Once that suit is filed and a judgment awarded, you become a judgment creditor, and if the losing party doesn’t then pay the judgment, you can have the sheriff serve a summons on the losing party for a debtor examination. That forces the losing party to meet the judgment creditor in court and answer questions under oath about the losing party's assets. After that information is obtained, the judgment creditor has the power to garnish wages, attach bank accounts, have the sheriff seize other personal property, and/or place liens on any non-homestead
property to satisfy the judgment.
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