Who keeps the money once a bank forecloses on a borrower's property?

Let's say a person was close to laying off his mortgage since he only had $30.000 more to go as a result of the interest rates and not the home and land itself, but the bank who gave them the funds had sold off the property when that person spent close to $250,000 after 24 years.

I think my parents have been ripped off.

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