How short sale in a property affect you credit?

caralampia asked:

I have a property that I can not pay any more because the interest is to hi for me. When I buy the house my idea was to refinace in two years but my house lost 10,000 so I own more to the bank that how much is the value of my house. One of my friends told me that maybe I can do a short sale, but snother friend told me that short sale can affect my credit in the same way if I declare banck rupcy. That is true

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