Agreed, the short sale will hurt, but from what I read, lates combined with a short sale hurts a lot more. Plus, under the FHA guidelines, you may be eligibile to purchase a smaller property right away.
EQ: 806 (10/10/2012)
TU: 811 (11/25/2012)
After Short Sale 11/20/12:
EQ: 694 (12/1/2012)
TU: 677 (12/5/2012)
