Generally, when banks have foreclosed the property is 'sold on the courthouse steps,' the bank which held the mortgage bid the "owed amount."
That seems to be changing, at least in Southern California.
2629 Wilson St., Carlsbad $647,785 owed, $394,273 opening bid (39% off) HSBC
2916 Rancho Brasado CSB $868,112 owed, $690,914 opening bid (20% off) U.S. Bank
7071 Cordgrass, Carlsbad $1,541,249 owed, $880,000 opening bid (43% off) WaMu
3570 CallePalmito, CSB $1,756,702 owed,$1,425,500 opening bid (19% off) Wachovia
Fairly deep discounts, too.
HT: Calculated Risk
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