I am new to the buying process, my credit rating is fair to poor and I have been advised to look into foreclosures or assumables. I've looked everywhere and cannot find any information on what exactly these are? If anyone can help, please advise what exactly a foreclosure or an assumable mortgage is and how it works & maybe how we can get information or listings. But first I want to know exactly how it works. Thanks!

Well, I do know that a foreclosure is a home that the bank has "taken back" for non-payment. Usually these homes are cheaper than normal, because the mortgage companies can re-sell these homes for what is owed on the note. In my area, alot of the foreclosures do need a bit of work done to them though. That is also why they are a bit cheaper.