Luckily for those behind on their mortgage, there are many alternatives to foreclosure. While accepting foreclosure is almost always the last resort for both homeowners and lenders, to determine which alternative is “best” depends on the individual’s specific situation. Some homeowners’ priority is simply staying in their home at all costs, while others prioritize recovering from the overwhelming debt of their mortgage. Because foreclosure is generally not ideal for either party, there are many options that lenders and homeowners can agree to in order to resolve the defaulted mortgage. A homeowner becomes “in foreclosure” from the point they receive a.