You may, but may also need cash. If teh bank takes it back and it does not sell at auction, then you may be able to get a mortgage, but most likely will not be able to buy it under the name of who just got foreclosed. There will also be the fact that a balance would be owed from the foreclosure to what it sells for at auction plus the cost of the foreclosure... more
Pre-froclosures are a wait of time most people going through foreclosure think a magic genie is going to come save them so they do not think they should consider selling.
If you want an estimate of a current value of a home look it up on realtytrac.com, zillow.com or eappraisal.com... more