Foreclosure should be your absolute last resort. A Short Sale is vastly preferable. A Short Sale will impact your credit score by only about 50 points and you should be able to buy again in 18-24 months. A Foreclosure prevents buying for more like four years.
If you're not familiar, a Short Sale lets you sell the home for less than the current mortgage, and in most cases owe nothing on the mortgage balance. You won't be able to sell for less than the current market value because your lender must approve the offer as well.
You're not alone. 48 of the 131 single family homes currently for sale in Concord are short sales.
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