trying to buy before foreclosure

[Andy Goodell]

I am new to real estate wholesaling and foreclosure/ pre-foreclosure sales. I have found a property in the Rochester NY area in a very nice community that has been vacant according to the neighbors for years. I contacted the town to get owner info, contacted the owner and offered to purchase the property from them. They then told me that they had surrendered the property to the bank a few years back. The "owner" then contacted me and said that the bank is owed nothing on the property because of their private mortgage insurance. I then contacted the bank and they told me that it is not in the foreclosure or short sale process and i should contact the "owner" to purchase the property. My question is does the bank only have control of the property and the "owner" still holds title? also there are judgements against the property, how do i go about continuing to advance on this property and not get completely screwed if the "owner" has massive liens against the property that will put me upside down on this? any additional information about how to go about this would be greatly appreciated. Thanks!