A foreclosure home buyer in Houston is someone who buys a house that is being foreclosed upon. A foreclosure home buyer in Houston may purchase a property at auction for less than what the bank owes on the mortgage loan. In some cases, the homeowner may not even have to pay off the entire amount owed. Instead, they may only need to make payments toward the principal balance. If the homeowner does not make any payments, then the lender will take ownership of the property.