Generally speaking, that is correct.  The proeprty does remain the property of the prior owner (not the bank) and the bank then has to inventory the items and give notice to the prior owners to take it out with in a certain amount of time or it will be disposed of.  Contact the bank as well as the prior owners.  Once the time has run the bank will probably just clean out the house and get rid of it.  If the prior owners do nt want the stuff then you can make a deal with a perosn at the bank to get it before the cleaners come.