Foreclosures are at a stand still right now due to invalid paperwork. During the Foreclosure process some papers where not properly notarized and not all procedures where followed. This was caused by the abondance of foreclosures and overwhelmed employees. In many states the lenders are going back on the foreclosure and fixing these issues. What does that mean if you purchased a foreclosure? I haven't seen anything come through the courts yet on this, but they are giving some homeowners a chance to reclaim their home.
My reccomendations when purchasing a bank foreclosure, always purchase title insurance regardless if you are paying cash or financing. Always protect yourself.
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