I own a commercial note and want to foreclose. Property has more value than my note will i own the property or I just get paid for my loan amount?

I assume that you hold a first deed of trust against the property and that you will foreclose by power of sale foreclosure and not by judicial foreclosure. If you foreclose, then at the trustee sale you will have the option to make a full credit bid, meaning that you can bid on the property up to the unpaid balance of the loan.  If a buyer bids more than your full credit bid, then they will own the property. In other words, one of two things will happen at the trustee sale: either you will own the property, or another buyer will purchase the property and pay off your loan. If a third party purchases the property at the trustee sale, any excess proceeds of the sale will first be applied to the costs of the foreclosure, property taxes, then to pay off your lien, then to pay off any junior liens, then the remainder gets paid to the property owner. Property taxes are often a major consideration in foreclosure actions.  You can check the county tax assessor's website to see if the property taxes are current.  If they are left unpaid for 5 years, then the county tax collector can sell the property at the county tax sale and wipe out your deed of trust. Assuming that the owner of the property is eligible to file for bankruptcy (the debtor must be insolvent such that their debts are greater than their assets) then the automatic stay will pause the foreclosure action until either you request a relief from the automatic stay or the bankruptcy is dismissed.