If possible, a short sale is a much better option than going into foreclosure.  Here is the second reason why. 

An Investor who allows a property to go to foreclosure is ineligible for a Fannie Mae backed investment mortgage for a period of 7 years.

An investor who successfully negotiates and closes a short sale will be eligible for a Fannie Mae backed investment mortgage after only 2 years.

Spending a little bit of time now with a qualified agent may save you years of waiting to re purchase a home later on.