Probably a junior loan foreclosed and that lender is carrying the house.
I’m no foreclosure expert, but I have seen a couple of these in the LA area, with houses foreclosing at numbers as low as $25k. However, I thought the second loan was subordinate and could not foreclose while the primary loan was holding the note…
Unless some newbie mortgage person screwed up, then I would say they would soon get fired, but they’ve probably already been laid off.
