Its at the foreclosure sale ("on the courthouse steps") where title insurance would not cover the buyer. If the bank took the property back at the foreclosure sale, then sold to you, you should be able to get a clear title policy, and if a problem came up, it would be between the bank and the title company. It is very important to examine the title report VERY carefully for weasel words, when you buy under these circumstances. Make sure you're covered, before you sign on the line.
If you bought from the bank without notice of the defect in title, you would generally get to keep the property (as a Bona-Fide Purchaser)- and the issue would be money damages between the wrongly foreclosed person and the bank/and or title company.
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