Short Sale vs Foreclosure

What are the pros and cons:

A recommended way to avoid foreclosure is a short sale.  How exactly do you justify doing a short sale and a foreclosure, what are the advantages and disadvantages.  A foreclosure can be an embarrassing thing to the homeowner, their credit score could take a 200-400 point hit; timetable to buy your next home could be 5-7 years; could be on public record up to 10 or more years.

Pros to doing a short sale: credit score impact could be 50-130 point hit; timetable to next home could be 2 years; credit history home typical could be paid in full after two years.  The question is where do I live?

Live in your home during the short sale process usually 3-12 months.  With  a foreclosure???

The advantages of a short sale sale this could include the avoidance and embarrassment of a foreclosure.

The disadvantage of a short sale the need to accommodate potential buyers; absence and assurance that the lender will agree to it; and the fact the negative remarks on the credit report may remain there for 7 years.  The lenders may want to thoroughly examine bank accounts, tax returns and asset liability aside from requiring a hardship letter.

So with this being said this is the Pro's and Con's of Short Sale vs Foreclosure.

From the opinion of others, short sale may be the best way to go.