No, not if you don’t have to, but foreclosure is for the uninformed, or those who just don’t care. The short sale option is the only way to go if you can’t get a modification that you can afford. Sell the place and find yourself a nice rental for a short time and then take advantage of the market prices and interest rates and buy a place you CAN afford.
Here is an interesting article from CNN. http://money.cnn.com/2010/03/29/real_estate/short_sale_explosion/index.htm?section=money_realestate&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fmoney_realestate+%28Real+Estate%29
Please call me if you have any questions at all!