If your 2nd mortgage company received nothing from the trustee sale, then it would have six years from the date of the trustee sale to file a lawsuit against you. If they received something from the trustee sale, then they have six months from the date of the trustee sale to file an application for a deficiency judgment.
If the sale occurred during July 2008, then presuming the house was worth less than you owed on the 80% first mortgage, then it appears the lender could still file a lawsuit for the $54k second mortgage until July 2014, after which they wouldn't be able to file a lawsuit (unless you've made payments after the foreclosure sale which resets the statute of limitations.)
All of the above are contingent on the information in your post being accurate.
William Devine, II
I am an attorney, just not your attorney (yet). Any answers here are to be deemed informational unless and until you retain me as your attorney for actual legal services and legal advice. I offer free in-person consultations so feel free to contact me offline by email or phone. If you like my answer, please hit the thumbs up button.
Your timing has been unfortunate, to put it mildly. The second mortgage company has 6 years to sue you from the time of the foreclosure or last payment, whichever occurred last. The law changed in 2011 to only 6 months, but the change in the law won't help you. Hope this perspective helps!
Both of the answers appear correct, but you should consider looking at debt settlement. Many of the seconds have been sold for small amount of money and you may be able to settle them. Consider it.