Can I purchase the property from the foreclosing mortgage holder prior to the foreclosure sale?
No. Prior to the foreclosure sale, the Mortgagee holds only a mortgage on the property and does not own the property itself. Since the Mortgagee doesn’t own the property, it cannot sell the property prior to the foreclosure sale. The Mortgagee may, however, be willing to sell the mortgage prior to sale. If you purchase the mortgage prior to the foreclosure sale, you will then have to complete the foreclosure action, at your sole cost and expense, in order to obtain title to the property.
