responsive to making loan modifications than in previous months. If the Lender is not
responsive to your requests for a modification, there is a government "watch dog" agency
Arizona is a non-recourse state on first mortgages. Some credit card providers do freeze
you limit, others do not, when you go into foreclosure.
Also in regards to your credit question, your credit of course will be "dinged" either way. A short sale takes less of a toll on your credit then a foreclosure does. But either way, you will have to have your credit worked on if you wanted to purchase a home within a few years down the road. There are a few lenders that have a "seasoning" requirement in regards to how long it has been since you had a foreclosure or short sale before they will give you financing.
I am a local real estate agent and mortgage broker so I would be more then happy to answer any of your questions.
The Mortgage Store