What happens when a home goes into foreclosure?

I'd much prefer you look up "foreclosure" on the 'Net.

The home had served as security for a purchase money mortgage. If the buyer defaults on this mortgage (by not paying on time), the lender has the right (under the terms of the mortgage contract) to seize the property, subtract the amount owed from the proceeds of sale, and then return anything left over to the buyer who defaulted.