What will Happen to my credit report on a short sale of my home. Is forclosure or Bankruptcy better.

You and your credit score and not going to win on this one. Go to the lender immediately. Talk frankly with them...they may offer you options, they may not. But it cannot hurt, and it well may help. The lender will NOT want you to file bankruptcy unless they hold a deed of trust. IF they hold a simple mortgage, the property will be tied up for at least 6 months, maybe more. They may be very lenient with you to avoid the problems associated with bankruptcy. Even with a Deed of Trust, Bankruptcy throws a serious wrench into the foreclosure process. Talk to them, not us...they have better answers than we do. Either way, don%26#039;t plan on your credit score to be very high for many years...up to 7. You can carefully rebuild your credit, but a filing of bankruptcy may live on longer than 7 years, considering the changes in bankruptcy laws last year. In fact, you may not be able to claim bankruptcy because of the changes in the law. Check it out with an attorney and the lender.