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There's a home listed on trulia.com for $64,030. Before the price, it says; "Pre-foreclosure/Notice of Default". What does this all mean, and what steps have to be taken in order to purchase such a home? Thanks! Does that mean that the owner must owe less than the list price?

There's a home listed on trulia.com for $64,030. Before the price, it says; "Pre-foreclosure/Notice of Default". What does this all mean, and what steps have to be taken in order to purchase such a home? Thanks! Does that mean that the owner must owe less than the list price?