You didn’t furnish the jurisdiction, but in all US states that I am aware of, when real estate is foreclosed, the property is sold at public auction. This is pursuant to a legal action brought in court, and all necessary parties must be notified. After the sale, a certificate of sale is issued to the purchaser (who, in most cases, is the mortgagee [lender]). The owner, or any necessary party (i.e., those others having liens or other interests in the property) has a certain period to redeem before a deed is issued. The redemption price is the purchase price plus interest at the amount allowed by statute. If the mortgagee is the purchaser, the price would be the outstanding principal on the mortgage. Real estate is not “repossessed,” but foreclosed; only personal property can be repossessed. Actually, the lender can never reposess real estate because it never was in possession. And after foreclosure and after the period of redemption expires, and after a deed is issued, the lender does not possess the property. It is the legal owner, but it will offer the property up for sale. It is not in the business of posessing real estate other than that used for its business.