Question about a property held in a Revocable Trust

There's a very expensive, very historic property I know of that's held in a Revocable Trust.  They had a lis pendens filed in 2010 but its not yet foreclosed.  I was thinking of reaching out to the homeowners to see if they've considered short selling but before I do - I'm a little lost about what happens when a property is held in Trust.  CAN the bank foreclose?  Does the Trust protect them at all?  I don't recall hearing much about Trusts in my CDPE training...

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