How will my credit fare after a foreclosure due to loss of work or would doing a short sale be better for my credit raiting in

If you have fallen behind enough to get an Act 91 notice, then your credit is already affected. You should, if you haven't already, make an appointment with a PHFA housing counseling agency and apply for HEMAP (Homeowner's Emergency Mortgage Assistance Program) within the deadline. As long as you apply in time, your bank can't go forward with the foreclosure while your HEMAP application is pending. Even if you're past the 30 day deadline, you should apply for HEMAP. If you're working right now, then you might qualify. HEMAP would pay off your lender the amount you are behind; it would put a second mortgage against your property for the amount it paid out -- however, the payments you are required to pay under HEMAP are low and are tied to your income -- you would pay off the HEMAP loan in its entirety when you sell your house or refinance.

I've included a link below to PHFA (Pennsylvania Housing Finance Agency) which will give you more information about HEMAP and other Pennsylvania-based programs, as well as approved housing counselors in your area.

I can't say whether a short sale or a foreclosure or a bankruptcy would be worse for your credit. Usually, the best way to repair your credit once it takes a hit is to make sure you pay your bills off on time -- the longer you establish a record of on-time payments after financial problems, the more it will help your credit.

good luck!

disclaimer - This answer is provided for general information only. Your legal rights may vary depending on facts specific to your situation. This interaction does not create an attorney-client relationship.