Great deals on foreclosure homes. Buy quick and easy lower than market prices. The recession has caused many families to struggle badly lately, and subsequently caused a spike in home foreclosures. Nobody likes to see others struggle, but it means for you some pretty amazing deals along the way. Foreclosure is the process by which a lender or bank repossesses a home from the owner, resulting from the owner failing to make payments on the home loan. Foreclosed properties can be a great deal for homebuyers, whether they're planning to live in the house or rent it out. They are great buys.