Can You buy your own REO back?

[Ryan Vince]

I am currently going through the foreclosure process. I am at the very begining and was wondering if it is possible to let it go to auction and wait until it doesn't sell then offer the bank more like what it is worth. I am currently 75000 upside down and the best the bank is willing to do is give me a 6 month 5.25 intrest rate after that it adjustes back to 14.9%.

[James Hiddle]

If you can buy your own property back why in the heck didn't you make payments to keep the property from foreclosure it doesn't make sense.