Let's look at a Short Sale, it seems that this process would be less damaging on the effect of a sellers credit report. Credit scores also known as FICO Scoring will loose 80 to 100 points. On A foreclosure it could take 3 years or more before a lender will offer a buyer a sensible interest rate, whereas for a buyer who went through the short sale, the waiting time could be around 18 months and at a good interest rate.
To Salvage your credit should be a primary concern, when you are considering the choice of letting the Bank foreclose or trying to do the short sale. This will be an advantage in your interest payments and for most of us consumers your buying power in the near and distant future.
There are site to visit and read that will be able to inform you on your decision. One of them is SaveMeFromForclosure.com.
Some of my information was found on EzineArticles.com
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