New Lender Purchased Note from my Foreclosed Property

[Sabres43]

I live in Florida. Two weeks ago I sat in court and met with the 80% lender to determine that the property was to be foreclosed after 10 months of delinquency. At that time it was determined that clerk would file for sale in 60 days. I was waiting to hear from the new lender who had recently purchased the note from the previous 20% lender. This new lender calls me and tells me that I need to pay the balance, or there will possibly be one of two things happening. They either sue me for the entire balance or we settle on a 10% difference of the note.

I have no income right now. I am currently in school and have no assets. My bank balance is $1,500 I am basically treading water.

My question is this...if I do not own the property, the 80% has taken ownership of the note, do I financially have an obligation to the 20% if I no longer own the property?

There are a million things that I would like to ask but this is really the one key thing that is bugging me right now, thanks!

[FlyingRon]

My question is this...if I do not own the property, the 80% has taken ownership of the note, do I financially have an obligation to the 20% if I no longer own the property?

You seem to have the terminology messed up. The "note" is a synonym for the mortgage, the promise from you to repay the money plus interest over time. A note may be sold from company to company, as has happened to your second mortgage.

What has happened here, presumably is that the 80% has FORECLOSED and purchased the property at the sale. That wipes out the security interest (the ability to foreclose) that the various mortgage holders have, but it doesn't get rid of your obligation to pay on the notes that you committed to. You owe the difference between what you owe and what the property sold for. The people who owe can pursue this amount in court and attach your other assets and perhaps garnish your wages.