What is a "Short Sale"?

if other loss mitigation choices do not work and there are no options left except for a short sale then i would suggest that a short sale would be much better than letting the house go into foreclosure.

foreclosure has a very bad affect on credit rating and should be avoided.

Noobie, if you do not want to lose your home then you should contact the lender to discuss if any other loss litigation alternative can be used by which you can continue making the payments.

Some of the alternatives you can discuss with the lender are like forbearance, mortgage modification, repayment plan. Contact the loss mitigation department of your lender and discuss the problems as early as possible.