What happens when you hard reset iPhone that's blacklisted?

Found a iPhone 6 today at the train station ran a imei, actually found out the phone was reported lost/stolen, but the phone is on the lock screen. But "find my iPhone" is not on and is blscklisted for T-Mobile and metropcs & was open to other carriers. Most likely doesn't have I cloud But my question is what would most likely happen if hard reset this with iTunes. Would it be like as it was brand new

Once blacklisted, it is blacklisted on all carriers. Only the real owner can get it un-blacklisted.

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