Short sale vs foreclosure

floydpink · 08-05-2011, 08:27 AM

I just had dinner with a good friend who is an executive at a very large bank with lots of knowlege.

According to him, the average time for a bank to move forward and complete a foreclosure is 3 years, which essentially means you can stay rent free for 3 years, not considering the implications regarding credit and the uncertainty of eviction, not to mention hounding from bill collectors.

He says, locally, it is a longer period due to the amount of foreclosures in our area.

If nothing else, it buys you plenty of time to decide, although your credit will suffer.

08-05-2011, 08:27 AM	#12
floydpink crazy diamond Join Date: Oct 2008 First Name: Pete Location: Orlando Posts: 1,955 Trading: (17)	Re: Short sale vs foreclosure I just had dinner with a good friend who is an executive at a very large bank with lots of knowlege. According to him, the average time for a bank to move forward and complete a foreclosure is 3 years, which essentially means you can stay rent free for 3 years, not considering the implications regarding credit and the uncertainty of eviction, not to mention hounding from bill collectors. He says, locally, it is a longer period due to the amount of foreclosures in our area. If nothing else, it buys you plenty of time to decide, although your credit will suffer. __________________ "If we weren't all crazy we would go insane"