Posted by Ed Garcia on December 07, 2000 at 10:11:27:
Once the bank takes a property back, it is call an REO (Real Estate Owned). The previous loan no longer exists. If you want the bank to finance the deal for you, you would have to agree on new terms and conditions. If you want to assume an existing loan, then you would have to cut a deal with the previous owner who fell behind, before or during the foreclosure proceeding.