It appears that the property was foreclosed through the mortgage and this would provide the lender with the collateral "property" and the "judgment" for the balance on the loan. This "judgment" is a commodity that the lender or collection agency can sell to a third party which is what I expect has happened by now.
With a judgment a debt collector, which is a collection agency or law office or original creditor can place liens on other properties you might have, garnish wages and they also have a statute of limitations, in your State I believe that it is 10 years. You may not have assets now but you might in a few years which is why many consumers such as yourself either work to settle the debt now or file a bk to shake the debt so that you do not have to look over your shoulder years from now as you might regroup and grow your net worth and acquire assets only to have a collector waiting for you.
Your homework is to confirm the statute of limitations in your State and also check the renewal of that Statute of limitations. Meaning is it 10 years and then can be extended another 10 years which would total 20 years. I have seen judgments like this on people's credit reports.
The Credit Repair Expert