If you're having trouble paying your mortgage in need to understand what the differences between a foreclosure and a short sale.
With a foreclosure the bank takes over possession of your house and they will sell it to the highest bidder.
When you have a foreclosure it will be a negative mark on your credit score and can last for up to seven years.
With a short sale you actually talk with your lender and agree to sell your house for less then what is owed.
Doing this kind of cell will still show a negative mark on your credit score but it is better than having your house go into foreclosure.
With a short sale the house can sit on the market for a long period of time and you have to make your full mortgage payments until it sells.
Also with a short so in many cases the buyer will want to negotiate with the lender to get the best price possible.
Before you choose one of these options you should try to negotiate with your lender to see if you can get your payments lowered.
Because of a  high rate of foreclosures, many banks are willing to work out some kind of deal so that you can keep your house and they do not have to worry about selling it in a bad market.
Remember that with a short sell and a foreclosure will even look negative mark on your credit score.
The differences with a short sell you will be able to sell your house for a lower rate than what is owed on the mortgage.
The problem is you will still have to pay your full mortgage until the house sells and in a bad housing market this can take some time.