The banks hope you freeze with fear when you get the foreclosure notice in the mail. It's much cheaper for them to deal with someone who doesn't fight, and just throws up their hands in confusion. There are ways out of foreclosure that aren't that painful, you just have to know where to look.
There are laws in favor of the homeowner that can help you stay in the house
Over the years good politicians have made laws the will help you suspend payments, reduce payments and interest, or both. You just need to fill out forms to make these requests. However, even before you do that, you must acknowledge that your are being foreclosed upon and challenge the process formally. This can be done a few ways, but you must inform the lender that in fact you are not going to let them just proceed through business as usual and let them take the home.
Some people think that they are going to short sale or refinance before the foreclosure takes hold.
This can be very difficult to do quickly. When the foreclosure notice is received, there is very little time to sell or negotiate with banks for new terms. You have to first contest the process,and you may need to know a few key legal steps to do this. They aren't difficult to do, and you don't need to be a lawyer to do them. It is more just knowing that you have to do it and that it exists than knowing some technical process.
Stop Foreclosure Fast by Yourself - If the Lawyers & Specialists Can Stop It, You Can Too, For Less