REgarding if they get any % of the sale, they get nothing. NADA, "0". Although they should at least get a "thank you" letter!
From the point of view of the new Buyer, you don't have to worry about this;
Once a property has gone through the Foreclosure process, it should be scrubbed clean;
in fact, the Title Company will make sure of it.
They will issue a Title Insurance Policy that guarantees that all Liens have been lifted and you will have clear Title.
Good luck and may God bless
If Mr. Smith took out a $100K equity loan & went to Vegas & blew it all on Red or went out & bought a boat, Mr. Smith, after a foreclosure can likely expect a call from Mr. Big Bad Bank 2nd Lien holder asking him to pay up!
If Mr. Smith is smart, he'll contact an excellent Realtor who's very experienced in handling short sales & will choose this option. If the 1st & 2nd lien holder agree to a short sale, they can't pursue you in the future for a deficiency judgment (you'd get this in writing before closing)
Shoot me an email directly if you want to talk about this some more, I don't look back on this same Trulia thread for answers posted after mine.
Realtor Since 1996
Main Street Realtors
Short Sale Expert
Again best of luck, and verify all info with reputable/knowledgeable professionals please.