How long do you think the market will be classified as a Short Sale market?

Another item to consider are the empending foreclosures yet to be released into the marketplace. Chances are, due to the last financial fiasco, banks are not going to release all of these REOs at once as some are predicting. As is with investments, when large investors/stockholders pull out their holdings, they do it slowly and under the radar, undetectable so as not to disturb the marketplace. If a large investor pulled out of a company all at once, others surely would follow and chaos would ensue.

Banks are probably going to pull one from the investor playbook and "trickle" these properties back onto the market, thus extending/prolonging this current down market. With these REOs still on the market, the social mindset is that these are bargain basement properties and other properties on the market that wish to compete will have to be priced accordingly.

With, so many variables and unknowns, the answer to your question is simply, no one knows.

Do you think there's anything i can do to put a hold on the forclosure till I'm able to modify or short sale?

Usually, as long as there is a workout in progress (short sale or loan modification), your bank will postpone the foreclosure. The only concern is that they usually won't postpone until days before the foreclosure so it is important to stay on top of the scheduled date and make sure the modification negotiator is following up with the foreclosure department to ensure the foreclosure postponement request has been made and that the sale has been postponed.

Hope that helps!