The concept can be very confusing. The bank is simply to note holder, but does not actually own the home. For example....you loaned your neighbor $2,000 to buy a car, but he never made any payments to you. You can't sell the car, because it's not in your name. So....(assuming you have a lien on the car), you ask a judge to allow you to sell the car at auction to recoup your money (i.e. judgement). the court orders (upon your request) that the car be sold at a car auction. You don't want it to sell too cheap, so you go to the auction. Only 1 person bids on it, $500, and that's not enough for you, so you bid $600 and win it. You give the auctioneer $600. The auctioneer sends the money to the courts, they take out fees, and send you a check for $525 (only an example) since you are the person who asked the courts to auction the car in the first place. Now you actually OWN the car and can sell it on the open market, but probably will not get out of it what your neighbor owed you. Hope that helps a little........Visit my website! I serve all of northeastern Ohio for rural, urban, or city residential properties.