Now that you have decided to buy the home of your dream, you are faced with just one problem and that is you do not have the amount of money required to buy that home. Well fear not as there is still hope for you. You can still make this dream a reality by buying a foreclosed home. A foreclosed home is a home that has been taken from a borrower who has stopped making payments on his loan. These types of homes come at a cheaper price and it would be best if you can seize on the opportunity to buy a foreclosed home now that you are stranded financially.