Foreclosure Short Sale after the fact, because when banks do not agree with Short Sale, or a homeowner can not find buyers of the situation, if the homeowner really can not pay the loan, the bank will simply go OK foreclosure. Fact, foreclosure is a process , and this process will be called after the completion of the house Bank Owned (REO). meaning is the same for homeowners, because the stop payment of the mortgage, the bank will not immediately closed house, in the middle there are often four months there is no time of year to pay the mortgage, but they can continue to live in the house, homeowners would be able to save some more at this time liquidity, but the same can also be a lot of damage on the credit for sellers Short Sale homeowners generally takes approximately two years before they can buy a house, homeowners have had foreclosure, but it takes about seven years only way to buy a house.