Jm Bern
Other/Just Looking
90403

I began foreclosure procedures for my condo last year, between June and September. Bank has placed property on sale and postponed it, for several months consecutively. At this stage of foreclosure, does it make a difference if I allow foreclosure to continue and lose the property or will a short sale be better or make a difference on my credit?

Right before I foreclosed, I was informed that because of the market crashing and the economic crisis, banks would be understanding and flexible in future loans and that even after foreclosing, I would be able to buy again in two year.

I was recently told that such information was not accurate. I was told that a foreclosure sits on your credit for seven years, but if you sell in a short sale, even at this state of things, that I would be able to purchase as a new buyer in 2 year and 10 month.

Can anyone please verify which is correct?

Thank you.