Foreclosure: the repossession of a home and/or property by a lender in the event of borrower loan default or the inability to meet mortgage agreements. 

Auction: When a repossessed property is sold based on the highest bid, typically the remaining balance on the mortgage loan is the bidding starting price. A house that went through foreclosure auction and failed to attract any bids becomes property of the bank.

Pre-foreclosure: Period between when a borrower becomes delinquent and the property is foreclosed upon.