A Forecloser is a legal action brought by a lender against a borrower who cannot pay for his loan. When a borrower obtains a loan against his home, he has an obligation to make payments for the loan on time. When the borrower is no longer able to pay for the loan, the lender has the right to take over the property and sell it publicly or privately. Foreclosed homes may come with much bigger discounts. A homebuyer or investor can search for foreclosed homes in foreclosure listings online. Foreclosure listing directories can either be free or commercial.