If I don't get approved for a "Short Sale" and have to go in foreclosure, what is the "Waiting Period" after foreclosure?

Asked by Divag, Austin, TX Wed Aug 4, 2010

What about my credit score?

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6
Randy Rehler, , Austin, TX
Mon Aug 9, 2010
Short answer is NONE!

BUT, WHY WAIT TO GO INTO FORECLOSURE?

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The reason most people lose their homes to foreclosure is IGNORANCE.

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0 votes
Sheila Washam, , Murfreesboro, TN
Fri Aug 6, 2010
About 3-6 Months typically.
0 votes
Ricardo Pena…, Agent, Pflugerville, TX
Thu Aug 5, 2010
Try a Deed-in-Lieu of foreclosure with your bank first.
0 votes
Mary Ann Car…, Agent, Tucson, AZ
Wed Aug 4, 2010
Wiating periods vary from state to state. Being from Arizona I have no idea what the waiting periods are in Texas although I could help you to locate a local real estate professional who could help you. Here in Arizona the wait is 90 days after the foreclosure notice, but that can also vary depending on the circumstances that the bank takes into consideration. The bank can hold off on giving foreclosure notice and can even post-pone a foreclosure or trustee sale. Check with a local professional for definitive information regarding your state.
0 votes
Lucie Lynch, Agent, Silver Spring, MD
Wed Aug 4, 2010
If you haven't already done so, it would be smart to talk with an experienced LOCAL real estate attorney. Assuming your home is in Texas, the state and county laws where you live prevail. An attorney will give you accurate knowledgeable advice about the "waiting period" after foreclosure. He or she can also intervene and delay a foreclosure by gaining additional time to get the short sale approved. So, do not wait to consult an attorney who specializes in real estate law. Typically the attorney will review the terms of your loan with the bank and can even help verify the note is legal and authentic and may help to negotiate the short sale for you. Another point to remember -- it is always best to communicate with your bank at every stage of your hardship. Talking with your bank can be time consuming and frustrating for you but keep accurate details in a phone log of whom you speak with, when you make the calls, and what is discussed. Also if you receive threatening collection calls, make a note of what was said and share it with your attorney. It goes without saying that the best partner you have in marketing a home in distress is a great sales agent who understands the short sale cycle and has a proven track record of many successful short sales. My advice is don't try to do a short sale as a "for sale by owner". A short sale is a complex transaction and there is much support out there to guide you and answer all your questions. If your home is sold, there is typically a 7-10 year wait before it is expunged from your credit report. Good luck! .
0 votes
Monir Mamoun, Agent, Denville, NJ
Wed Aug 4, 2010
In Travis County you are usually looking at 6 months. In rare cases 24 months. That's your redemption period when you can pay your way out of the foreclosure.
0 votes
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