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When a borrower defaults on his/her mortgage payments, the original lender takes back the property and sells it at auction, often at a seriously discounted price. The main advantage of buying at a foreclosure auction is that the moment a property reaches the actual sale date, all trust deeds (loans, depts.) junior to the foreclosing loan are wiped off the property. This can create instant equity. The winning bidder at this auction will pay off the loan with his/her winning bid amount and will then take title.

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