A.T.
Your question was a little vague butthe answers you've gotten so far don't apply to real estate...
In California we don't have mortgages when we buy property, we have Deeds of Trust. Trust Deeds are similar to a mortgage in which real property(real estate) is given as security for a debt (loan). However, in a deed of trust there are three parties involved, the borrower, the trustee and the lender( a.k.a. beneficiary). The borrower transfers the legal title for the property to the trustee who holds the property in trust as a security for the payment of the debt to the lender. So, we don't really own the property until it's completely paid off, then the trustee will transfer the legal title to the borrower.
A Trustee's Sale is the forced sale of real estate property by a lender to satisfy a debt. The sale is the final step in the foreclosure process.
The price listed is probably the minimum bid the bank wants the auction to start at and will not accept anything lower - usually it's the balance owed on the loan plus outstanding tax leins etc.