Foreclosure is the process in which a bank or other secured creditor sells or repossesses real property after the owner has failed to comply with an written agreement between the lender and borrower called the "mortgage", or the "trust deed".  Typically, there has been a default in payment of a promissory note which was secured by a lien on the property.  When the process is complete, the bank then owns the property and can sell that property for whatever price they want to.  There are some incredible deals in Nevada County right now for buyers who have the means of purchasing there homes.