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! .