A forecloser is a legal proceeding that involves the sale of a home. This happens when a borrower is unable to pay his lender the amount owed. Some loans require collateral. When a borrower intends to borrow a huge amount of money, his home can be used as security for the debt. When the borrower is no longer capable of paying off his loan, his home becomes the property of the lender. The lender may either take possession of the property or sell it to interested buyers. Foreclosed homes usually end up in auctions or foreclosure listings found on the Internet.
