How long can a foreclosure take?

Asked by Miz2626, 21702 Fri May 8, 2009

Our home went into foreclosure over a year ago. We tried everything, the house was on the market for two years, the bank rejected two short sale offers, deed in leiu failed. We had to move out of state because of a job. Now our property just sits there vacant and since we haven't been able to pay our mortgage our credit just keeps taking the hits. Do we just wait?

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3
Honadah Hamad, Agent, Frederick, MD
Wed Aug 28, 2013
If not too late maybe you should consider the short sale approach again! Now since you moved out of state and the fact that the home is vacant the bank might be willing to agree and accept a reasonable offer!
0 votes
Cassandra Ba…, Agent, Frederick, MD
Wed Feb 27, 2013
Has the actual foreclosure sale taken place? There is a difference in the process and the sale. The process can drag on for years. After the sale in MD there is a 90 day limbo period before you are fully in the clear.
0 votes
Chris Highla…, Agent, Frederick, MD
Fri May 8, 2009
I would seek the advice of an atty about how to put an end to the damage. The Mortgage company should not be reporting any information to the credit reporting agencies after the forclosure.
0 votes
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