I am renting a house that was the subject of judicial foreclosure proceedings before I entered into my lease. This was never disclosed, and when I started receiving flyers at the house, I asked my landlord if it indeed was in foreclosure. He stated, "No." (I have emails confirming this). The judicial proceedings are now complete, he was found to be in default, and the house I am now renting is to be sold at a public auction on May 10. Can I sue my landlord for fraud, since not only did he not disclose that the house was in foreclosure (NRS 118A.275 Disclosure of foreclosure proceedings on premises to prospective tenant; willful violation constitutes deceptive trade practice by landlord), but he also denied that the house was the subject of the proceedings. Paid $1,100mo/16mos.
It's possible to get good deals on property at real estate auctions, but you may need a lot of cash, and there can be risks, such as poor conditions and liens.
If you miss too many mortgage payments, your lender can start foreclosure proceedings to take ownership of the property, but it has to follow your state's laws.