This is for all locations, but I am not a GA real estate agent, I am in Texas, so just know you should get a Realtor's opinion in GA. Agents can negotiate with the bank to not only show it as a short sale, but to show it satisfied. It takes extra work, but it can and has been done. It is ultimately up to the bank your foreclosing with. If you have a short sale, you have to be in a negative equity situation. If you are in that, it is explainable. " I lost employment and tried to sell my house, but it was worth less than what I owed, so I waited for the short sell to go through. I did sell the house and am seeking gainful employment to ensure this doesn't happen to my family (me) again. My credit is very important to me, and I have since done these things --------- to improve upon it." For an example.
However, if you can at all sell your house even for less than market value and get out of it, and that is what is best for your situation, you should definitely contact a good realtor in your area. I know an Atlanta Realtor who could refer you to one in your area. go to: http://www.wadewilcox.com
tell him I sent ya!
Nicole Arenas in Texas