I rarely cross-reference articles that I write for different sites, but felt this information about alternatives to foreclosure would be helpful to all readers.  From banks.com, here’s just one option that is a possibility before a foreclosure becomes necessary.

Sell and Bring Cash to Closing – Sell the house, but take out another loan so you can bring cash to the closing. You may then just have to repay the smaller amount that you borrowed rather than taking a huge hit on your credit score.

Perhaps it’s not a great choice for a lot of people, but it would save your credit score.  Read the entire article here.