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If the foreclosing party becomes the property owner through the Trustee Sale and later sells the property for more than their costs, the gain is theirs.If someone purchases the property at the trustee sale for more than the foreclosing party is due, the difference goes to the homeowner.
You posted with location in California. In CA, the foreclosure will occur through trustee sale at a local courthouse. If there is substantial equity in the property, an investor will purchase your property at this sale, and if their purchase price exceeds the amount the bank is legally owed on the loan, any excess will go to the homeowner.If your property is not bought at the trustee sale, it returns to the beneficiary (the bank) at which point they own the property and can do what they please with it at that point. In this event you would not get any money back except maybe cash for keys when they come to evict you.As already mentioned, if you are near foreclosure and you have equity, it is very much in your best interest to sell on the open market to recover as much equity as possible. The foreclosing liendholder (usually a bank) will often offer you an extension on your foreclosure if you can show them that your property is listed or even better in escrow for sale to a new buyer.
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For Sale: $885,000
For Sale: $865,000
For Sale: $845,000