I would really need more information about your specific situation to give good advice or present some other options to you. If you have already stopped making payments on your home, foreclosure is imminent. I would recommend doing whatever it takes to get into a new job and try to pay the bank back ALL the money owed before they foreclose. A short sale is an option; but it's tough to get the bank to agree to a fair price sometimes. You should speak with your lender specifically about options involving your payments and/or short sale.
It's important to note that it's always an option to try to rent your home out for the most that you can, use that money to make your payments and try to make other living arrangements with a room mate, family member or dorm-style housing in the area where your new job is. I know that this is a tough option, but I know someone who has done this very thing to "ride out" this economy. So far, it's worked for him pretty well. He's renting his home out for $1200 a month and sending that straight to the bank. He took a new job about 2 hours from there and is renting a room from an older couple for $250 per month while working close by. He has said that he will do whatever is needed to keep from foreclosing...empty his savings, live anywhere, take a job anywhere...and he has had to do all of the above to keep his head above water.
Obviously this option may not be an option at all if you have a large family. My number 1 recommendation, regardless of the details of your situation, is to find an absolute top-notch Realtor who is experienced with short sale and foreclosure situations. Let us know if we can help you find one!
Let's look at this as a business decision.
You are weighing the cost of moving for a new job.
Does that mean that you are not working now? Or that you simply have better opportunities.
With every job move are pros and cons to taking a new job that requires relocation. In your case I cannot tell from your post if you are saying:
I have only one choice - move or foreclosure. Does that mean that you are unemployed?
I think you have two options. Either provide us with more detailed information about your situation, or (this would be my advice) talk with a Realtor that is knowledgeable about the market trends and discuss your options and their consequences.
It might be that if you are unemployed, and the ONLY option for a lender would be a short sale, that you need to sell. That being said, you need the right REaltor. Let me know if I can refer you to someone that can help.
Will the company you are having your job offer from assist with the relocation?
Good Luck to you
Try to contact a realtor in your area. You have diferent options. One, you can rent your house and
make payments to your bank. Two, you can do a short sale. Foreclosure, should be the last resort.