 TITLE: Understanding Foreclosure CONTENT: How Does a Foreclosure Sale Work?\n---------------------------------\nWhile foreclosures are very bad news for borrowers who lose their homes, they can be great opportunities for homebuyers with above-average tolerance for risk and willingness to put some work into potentially distressed properties. Foreclosed homes, sold in as-is condition at auction or directly from a lender in the process of seizing the property, can be significant bargains, but it's important to know the potential pitfalls before you venture into that market.\nForeclosure is a potentially devastating experience that borrowers and lenders prefer to avoid at all costs. If you experience a foreclosure, you can expect a significant blow to your credit that will likely take several years to recover from. Your best bet in that case is to take steps as soon as possible to begin rebuilding your credit. With time and patience, you can rebound from a foreclosure. END