Good morning, Jewels,
I know this is a tough situation, but you are not alone. Short sales can be a very good alternative to foreclosure, mostly in the way your credit report will read in the future. Your ability to purchase again will be greatly hindered by a foreclosure. Short sale will affect your credit too, but potentially for a lesser amount of time. A short sale will definitely "buy you time" in the home, but the lender will usually require an offer before they will postpone the auction date.
We have experienced short sale agents on our team and would be willing to meet with you to answer any additional questions you might have. In addition, there is a lot more information we would need to qualify you for a short sale. Your lender will require documents such as 2 years tax returns, 2 months bank statements, 2 months pay stubs; and will verify your hardship. We recommend that you consult with a CPA or tax attorney, a credit counselor, and an attorney to fully understand the differences between a short sale and a foreclosure.
If you would like further information, please let me know.

Heather Werner, Broker
Ravenswood Realty, Gilbert, AZ
(480) 710-2777

Hi there, Jewels! As Patrick said, there are a lot of questions to be answered, but it is very much to your benefit to attempt the short sale if possible. A short sale is much better on your credit than a foreclosure, which remains on your credit record forever. It may be possible to come up with an offer very quickly to stop the foreclosure. I am very close to your home and would love to talk further to you if you need help.

Jewels,
First let me say I'm sorry that your in this position. Secondly, short sales are so complexed that I would recommed you seeking professional help. (i dont handle that area, nothing go gain by this advise)

In the long run, you will have a better chance of moving on with your life with as little demage was possible if handling correctly from the onset.

Good luck

Jewels,

Need some more details, short selling could stall the process, however the Bank may have already made up it`s mind.
It`s a lot of paper work and a 50/50 shot.

Let me know if you want to take the next step.

Patrick
480-543-9899