No, if a homeowner is faced with foreclosure, then the bank or financial institution revokes the deed. This obviously is detrimental to a person's credit report. All money (equity) the owner has invested in the property will be forfeited and the financial instution takes ownership. If the promissory note has a recourse clause then if the sale does not bring enough to pay the existing balance of principal and fees the mortgagee can file a claim for a deficiency judgement. In most States, the items included are: loan principal, accrued interest and attorneys fees less the amount the lender bid at the foreclosure sale.