The Nuts and Bolts of Credit Bidding: A Primer for Traditional Lenders and Distressed Debt Investors
Boris I. Mankovetskiy
Sills Cummis & Gross P.C.
Most borrowers will find a way to get caught up or refinance if the home is worth 3 times the mortgage.
If they do not get caught up with the payments within the rules of the NOD and NTS, then you can foreclose. You will need to settle with any and all senior liens. First TD, property taxes, IRS, mechanics liens, etc. So do your reserach and know what you are doing.
Finally, before making any decisions of this nature, contact a real estate attorney to confirm that you have all the necessary information.