If you are facing Foreclosure and have equity in your home, that equity is yours. Even if you are facing foreclosure.
However... The equity you have can be reduced even before the foreclosure starts. Things that may reduce your equity are fees and penalties. Fees and penalties can include: Missed payments, payment processing fees, foreclosure proceeding costs, and selling costs. This is not an all inclusive list.
What Is Equity?
The difference between your home's current market value and the remaining balance you owe on it; is Equity.
DISCLAIMER: This article is not intended to provide legal advice. I am not a licensed Real Estate Attorney. If you or someone you know is facing Foreclosure and have questions; It is advised that you consult with a Licensed attorney who specializes in Foreclosure.