Forclosure Bank owned propery ?

[ChuckB]

Maryland.. I appologise for asking a similar question twice but I feel that overcomplicated the first time. I will restate the question.

When a person defaults on a few mortgage payments the property goes into forclosure and then is eventually sold at auction. At that point the lender holding the first morgage generally allways buys it at the cost of the mortgage. (as was the case with my house) Now the house is a bank owned property.
My question is this. Obviously the bank must now sell the property. Can they keep any profit they make above what was owed on it or does that go back to the owner who lost the house?

Thanks Chuck

 

[HomeGuru]

Maryland.. I appologise for asking a similar question twice but I feel that overcomplicated the first time. I will restate the question.

When a person defaults on a few mortgage payments the property goes into forclosure and then is eventually sold at auction. At that point the lender holding the first morgage generally allways buys it at the cost of the mortgage. (as was the case with my house) Now the house is a bank owned property.
My question is this. Obviously the bank must now sell the property. Can they keep any profit they make above what was owed on it or does that go back to the owner who lost the house?

Thanks Chuck

**A: do not start a new thread. Post to your initial thread.