Obviously, this is a huge discision for you and your family. A short sale is a long, challenging process. Your credit will be ruined. It will take 3-6 months at least. You will be able to buy again, once your credit is repaired, in about 2 years or so. The bank wants to see a hardship by you to approve the short sale. If you are making your payments, have money in the bank or available, the bank will not see it as a hardship.
If it's possible for you to sell, and not do a short sale, and not negatively hurt your financial situation, I'd suggest to not do a short sale, bring money to the closing table. In the long run, you will be very happy that your credit is stil lin tact. For $15,000/$35,000, you've worked to hard to have great credit. Good luck with your choice/move.... more