If it's in the foreclosure process, you may be able to buy it as a shortsale.
Foreclosure homes can be defined as so many things. The reality is the only REAL foreclosure purchase is the ones done at the auction/courthouse which are cash-only. Finding out where in the foreclosure stage the house is in will help determine what your next steps are.
Of course, all this from a lender's point of view. As James mentioned, you should probably talk to your broker.