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If you have to come to Yahoo! Answers to ask for such advice, don't invest until you learn enough about foreclosures and real estate investing to know what you are doing.

Contact someone who actually invests in foreclosures to guide you and point you to reputable advisors .

It depends on your states realty laws. WIthout knowing what state you reside in I recommend using an agent for this transaction. Furthermore an agent will be able to assist interms of dealing with the foreclosing party to avoid any red tape or confusion when it comes to title.

at this point you now need to contact the trustee. he has been served and he knows who this is. the trustee acts on behalf of the bank or mortgage co.

good luck

also here is a website with all of the foreclosure laws by state

http://www.foreclosures.com/pages/state_laws.asp