SHORT SALE 
- Minimizes Credit Impact
- You can sell your property as soon as hardship hits
- Property value based on current property value
- Minimizes tax liability
- Gives you time to secure a new home 

FORECLOSURE
- Multiple Liens + mortgage lates = big credit hit
- Cannot purchase a new home for three years
- Bank can still take legal action against you
- Does not allow you to procure highest offer
- Lender can initiate eviction order