This question posted in 2012.
In most foreclosures, not involving Bank of America, this issue would be long over.
Advise provided that has consequences, which this does, should be reserved for attorneys.
I would consult a lawyer on that. Legally you are the owner, but if you are not paying the mortgage and defaulting the lender may be able to come after you or have a greater chance of obtaining a judgement.
If you are the owner of record, the property is under your control until it becomes foreclosed on. It would be advisable to make the tenants aware of the possibility of this changing ownership and what it could mean for them.
well legally probably yes. But if you apply that rent you should be able to dig yourself out of foreclosure. IF you are requiring at an appropriate rate. Make sure renters pay ALL utils. rent value atm is WAY higher than morgage rates. from what Ive seem you should expect 125-350% rent to mortgage ratio