Purchasing foreclosures, only a game for the rich?

[Wes Peters]

So, the title really says it all. Am i wasting my time looking at foreclosure properties? I get that some properties can sell for much less, but just for the sake of this discussion,  I'm referring to foreclosures that are 100k+. I was driving around a neighborhood yesterday that i have been keeping my eye on, and finally i stumbled across a house that was in the process of being foreclosed on.  The average home price in the neighborhood is around 120k. I got all excited and contacted a Foreclosure attorney only to find out that payment must be made in full within 24 hours. 

So as someone who does not have access to 100k+, do i have options here? Perhaps I'm in the wrong circle of friends , but i do not know anyone who has access to that kind of money and would be able to purchase a house outright.  I work two jobs and make 60k a year and even if i made 100k a year its still hard to believe i could save up 100k + in cash. The only suggestion i have heard is using a hard money lender and since i was hoping to live in the property for a while, i was assuming that that type of higher interest loan would not make sense.  Is it possible to use a hard money lender to get the property initially and then somehow transfer to a more long term sustainable loan?  Or should i just forget about foreclosures all together and go find a property that will allow regular financing?