What are the advantages and disadvantages of foreclosure?

[Onika Constant]

First of all I want to thank the BP community for all you do. I would have learned so much without you and I am sure that I will continue to learn more. My husband and I are considering selling our house on a short sale. What are the benefits and drawbacks to this? I know our credit can be affected but we are willing to risk it if it means getting up from under a townhouse that is underwater. My husband and I have lived in it for about 10 years and have never missed a payment. We also have very good credit. My financial situation is turning around so we are considering fixing it up to sell it. We live in the Montgomery County, Maryland.

We want this to be the first step to financial freedom and to begin making more sound real estate investments.

Thanks again.