Foreclosure is a legal process originated by a Lender (Mortgagee) and allowed by a Court or Sheriff in the purpose of recovering a balance of a Loan from a Borrower (Mortgagor) who has stopped paying the mortgage. The Lender is able to take title to the property, which is sold to obtain the unpaid resources back and protect Lenders from losing money.
In the Foreclosure, the Lender (Mortgagee) also takes responsibility for any losses and is entitled to any future profits from the sale of the home.
With the Foreclosure, the Lender has to sue the Borrower in court and wait for the Court to issue a judgement. It takes more time and requires more legal work than a Power of Sale.