One of the big concerns that plagues those who are worried about foreclosure is the hit they might take to their credit score. So, even though one may have to give up the home, it can be done without getting that "foreclosure" on your credit report. And one way to do this is through a short sale.

What is a short sale?

A short sale is one in which the home sells for less than the bank is owed on the mortgage. The mortgage lender usually has to grant permission for this type of transaction, and the home has to have been on the market for a period of time (usually 90 days). So, planning in advance is needed in order to complete a short sale.

A short sale means that you sell your home, even if you still have a little left over to pay, rather than going through foreclosure, and your credit remains better intact.