If I had to guess, absolutely nothing. I don't believe they have an obligation to a subsequent lien holder on the property. The agreement is between the first lien holder and the home owner. The 2nd lien holder voluntarily accepts a second position.
The second frequently has little to say in the matter of a foreclosure from the first and often gets nothing in either a short sale or a foreclosure. So to answer your question - not much - it's still foreclosed.
Does that help?