Think a Short Sales in Foreclosure Solves Your Foreclosure Problem? Not so Fast, The Steps in Foreclosure And How To Defend A Foreclosure Are Difficult

From the St. Petersburg Times:
NEW PORT RICHEY “” When his home’s value plunged, George Albright opted to sell it for less than he owed, believing the “short sale” would scar his credit less than a foreclosure.
But after saving for a down payment and building back his credit, the single father learned he still wouldn’t qualify for a new loan. After two years in the penalty box, underwriters said, he still had five more years to go.
To his surprise, his credit history showed a foreclosure, a “kiss of death” stemming from a strange credit quirk. Banks and credit bureaus have no special code to report a short sale.
Without the distinction, home ­owners who won the bank’s approval for a short sale of their underwater home are seen as no different than years-long defaulters who ended in foreclosure.
Loan and credit experts call this oversight one of the biggest challenges for today’s short sellers, especially as many boom ­erang back to the mortgage market in hopes of buying a new home.
ST PETE TIMES