Prediction for what happens and when: foreclosure, short sale?

Property at issue is a townhouse. According to ACRIS, there are at least four mortgages: one for 1.8mm, one for 850,000, a HELOC for 250,000 and, perhaps most shockingly, one for 200,000 that is interest only at 11% per annum and is due to be paid in full in December of this year. I am thinking that no one takes out an 11% loan unless they really need the money. Property has been listed for sale for over two years unsuccessfully. What do you experts all think will happen? If we are interested in property, what do we watch to be sure that we are informed of any foreclosure sale or short sale? (We became interested in property, could not negotiate a reasonable sale price and chose not to rent when we became fearful that it would be foreclosed and we'd be evicted by a selling bank).