It is important to know the difference between a Short Sale and a Foreclosure.
How will they affect my credit and how long do I have to wait before buying another home.
All/Pros offers a pamphlet that gives you detailed information on a Short Sale and its advantages. It also discusses things the banks won’t tell you. Have you thought about loan modification, forebearance, reverse mortgage, subject to, or deed in lieu of foreclosure? Can I walk away with money? Will the bank seek a deficiency judgment?