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The mortgage foreclosure process creates two moments in time when a convenient agreement can be made. One can purchase a home in the pre-foreclosure phase or in the auction phase. In any of these stages, you deal with house owners that have to sell or otherwise it is likely to lose their house and get nothing. So time is not on their side and that is why they are willing to accept deep discounts. The risk in buying a foreclosure home is quite low since you have the time to do research, to evaluate the property. Therefore you get to save considerably.