Help on a foreclosure

[Jimmy Hong]

I relative of mine has been having financial difficulties since the fall of the Lehmen Brothers and AIG and has a property that hasn't been paid off. The bank foreclosed and auctioned the property away for $130,000.00. The thing is my relative bought that property for $500,000.00 and the bank hired an appraiser who valued the property at $300,000.00 - $400,000.00. Now they are suing for the remainder of the balance. Is there anything he can do?

PS. He had a friend of his that was willing to buy the property and pay off all the taxes and such but the bank declined.