One alternative to a short sale, of course, is simply allowing the mortgage lender to foreclose on your home. A foreclosure on your record, though, can make it hard to get a mortgage in the future, so it should be a last resort, not your first option.Forbearance is a short-term solution in which the lender agrees to suspend or reduce your monthly mortgage payments for up to one year. Keep in mind that interest will continue to accrue during this period.You also can try refinancing your mortgage, though that might be difficult if your finances are shaky. Another potentially better option is a loan modification, which adjusts the terms of your loan so that the monthly payments become more affordable. Unlike a refi, a loan modification often doesn’t require a home appraisal, making it easier to get when you’re underwater on your home.