Good Morning Cynthia: There is not catch. It's just understanding the process. At this point you can not buy it unless you make a deal with the owner to pay off the balance plus penalties. The $23,000 is the amount of the loan that is in default not counting penalties and other fees involved in recording the Notice. The actual sale of the property is called a Trustee Sale and that is when you could actually buy the property at this foreclosure proceeding which would include all the costs to handle the foreclosure plus penalties. This is just a Public Notice that is the first step in the foreclosure process. The owner still has at least 120 days to cure the Default and keep his/her home.
If you would like any further information about the process, feel free to contact me at 714-296-7270 or email me at email@example.com.
Barbara Rbbins-Olexa, Broker
L B Brokerage