Legal Question in Real Estate Law in California

It's not clear what you mean by "isn't owned yet." All property is owned by someone. I guess you probably mean that the property hasn't yet been sold at a trustee's sale. Then, assuming you are the borrower (and hence probably the current owner of record), you probably can do the "fix and repair" work, and maybe you even have an obligation to do it. On the other hand, it might be unwise to have an extensive repair operation under way at the time of a foreclosure sale. Even though legal, maybe would adversely affect the selling process or amount bid. As far as getting paid to leave by the bank, i.e., "cash for keys," such programs are legal, but not that widely available, and you'd want to have a pretty firm prior commitment from the lender before doing anything in reliance upon a lender paying you, as the owner, to move out. Such programs are more often aimed at getting tenants to move out, not former owners. Here is a link to a useful Web page:

http://stevebeede.com/2011/02/your-guide-to-cash-for-keys/

Property is owned by the owner until the trustee's sale is complete. Once the trustee's sale is complete, the property is then owned by the highest bidder, which can be the foreclosing bank or a third party at the sale.

Banks give cash for keys for bona fide tenants. If you are the former owner, they evict you. If you are a third person who squats on the property and cannot prove that you are a bona fide tenant, you get evicted.