Experiencing foreclosure or defaulting on a mortgage loan can be a scary situation and can have a negative impact on homeowners credit scores. Short sales, assumption, and deed in lieu of foreclosure are all programs that force mortgage holders to lose their homes but without the financial and credit consequences of foreclosure.

If you are unable to make your regular mortgage payments and are unable to afford your home their are a few options available to you. A couple of these options such as mortgage refinance and mortgage modification help home owners to remain in homes.

Unfortunately not every struggling home owner is eligible for these programs and some are left with no way to keep their homes. For borrowers who are behind in their mortgage and unable to retain their homes there are a number of options that can help them avoid foreclosure.

A Short sale, a deed-in-lieu of foreclosure, and an assumption are all options by which a home owner is released from their mortgage debt and claim to ownership without…