It is undoubted that a foreclosure is going to have a negative impact on your credit history. There will be situations in your life when a foreclosure is imminent. In such situations, a short sale can help you regroup. In a short sale, the lender will permit you to transfer possession of your home to another party at a price, which is less than what you owe on the loan.
With a short sale, you can save your credit score from collapsing. But, to secure a good short sale, you should seek the services of a reliable and experienced real estate agent. A skilled real estate agent will be able to determine whether or not a short sale is the most beneficial option for you while you are facing foreclosure.