What happens to property scheduled to be sold at foreclosure auction, but was instead taken back by the bank?

Question

Does the owner still have the right to take back the property so he can sell it and pay the bank off?

i think what happened was they took it back as no outside person or organization bought it at the auction. legally, can the owner just put it up for sale and pay the bank back?

Answer 1

If it was foreclosed on in a redemption right state. The owner is still the owner till the redemption expiration date. And can sell the property. But if the owner was unsuccessful in paying the loan off, the bank would be recorded owner once the deed is recorded

Then the bank will sell the property this is done by their REO department

If there is not redemption period the bank owns as the time of foreclosure, they are not recorded owner till the deed is recorded

Answer 2

You could buy it as well as anyone else. for cash. I can't for-see what steps are involved to satisfy the debt.

By law, if property is repossessed, and then sold for less than the debt, one can be liable for the difference still owed. Conversely, if it brings more than the debt, the difference is yours, if any left after penalties and interest.

The bank must have had good reason to believe that it could be sold for at least the mortgage balance, or higher. Auctions don't usually bring that amount.