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This does not necessarily occur after one or more payments are not met but for logistical reasons may occur after a loan is in substantial default â sometimes six months or more past due. This is known as the redemption period. The foreclosure process does not move forward for a minimum of 60 days.
1 However, that wait time can be reduced if you provide a large enough down payment. 2  Down payments of 20% or more can reduce the wait time to just 2 years, compared to the 7-year wait for down payments of less than 10%. 3  VA Loan After Foreclosure. 4  The wait period for a VA Loan after foreclosure is just 2 years.