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If he sells it on a short sale in lieu of the foreclosure does this have any better affect on his credit? A short sale will reflect less negatively on a credit report. And, as a further note the house was in his wife's name - will this relect on both of them or just herIf the mortgage and note are not in your son's name, a foreclosure/short sale will not reflect on his credit. Therefore he will need to determine whether both the house and the mortgage are solely in his wife's name