3-year foreclosure waiting period and no schedule sheriff's sale!

Joseph, Sorry to say, because of investor and secondary market guidelines, the clock does not start ticking until the foreclosure has been completed. I have heard cases like this many times. For others that read this, let me suggest that when filing bankruptcy you also ask the attorney to address the issue of the mortgage and eventual foreclosure on the home, otherwise the clock never starts. Contact the lender or your attorney and discuss anything that might be done to complete the foreclosure or sign the home over to the lender. The past is the past, all you can do is work forward. Work on putting yourself in a position when the time is right that you will be able to be a homeowner again.

Unfortunately, you waiting period has not even started yet.. the clock start when the home is no longer in your name.. you could go back to the lender and do a "Deed in Lieu".. or since you still own the home, you could hire a real estate agent and do a short sale.. either one of those scenarios will get things going quicker.. but if you wait on your lender to foreclose, there's no end in sight.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Tim did a great job summarizing your situation - good luck digging out of it...!

I agree with Tim as well

I also agree with Tim in what he told you and how you should proceed.

Everyone, Williams comments about a "Deed in Lieu" was something I considerred suggesting, however only with the advise of counsel would I consider that. Doing that would start the clock ticking sooner versus later. Thanks for the kind comments from everyone. Hopefully consumers might read this and know that during a bankruptcy any mortgages need to be specifically addressed.

sorry but the waiting period doesnt start until the property is transfered from you name.

The 3 year clock does not start on the foreclosure until it is out of your name. I am not a lawyer and please do not consider this as legal advice, because I am not qualified to give legal advice. I was watching the news last week with a real estate attorney that advised a client in your exact same situation to retain an attorney specializing in real estate law and file a "quit claim deed" of your home back to the bank. According to him, this will start the clock running your the waiting period after your foreclosure. Good luck!!

I would suggest emailing me so I can share some insight with you as to how to proceed forward!