If you include the MLS number, or site you were on when you saw this home, I find out for you! I am guesing it is possible, although a home for that price might be in disrepair. More information is needed to research this for you.

Trulia does not have a foreclosure site. if you are looking at Realty Trac or something similar,you are not looking at a listing site at all. these sites publish notices of foreclosure & default from the public records. The houses they advertise are not on the market yet and will be listed at market value when foreclosure is complete. As i don't have the exact address of the house you are talking about,I can't be sure,but as Kary said this is probably a lien or an outstanding loan balance.

Without looking, that's probably a second (or third) position loan, and you'd have to deal with any prior loans if you were the successful bidder.