Yes, there are many alternatives to foreclosure. Some of them are relatively permanent, while others are temporary solutions. Certain alternatives allow you to stay in your home, while others provide a less disruptive and damaging way to move out than foreclosure. Depending on your situation, you may be able to modify your loan to reduce the monthly payments while extending the loan term. Or you may be able to get a short-term forbearance agreement or repayment plan to account for a temporary hardship. If you have decided to move out, you can potentially arrange for a short sale or a deed in lieu of foreclosure to avoid the negative impact of foreclosure on your credit.