Foreclosure is a devastating event that can be defended to minimize the effects. Perhaps an unforeseen financial setback has occurred which has caused a temporary loss of income. Under these situations if your goal is to save your home you will want to buy the time necessary to put a plan into affect.
Your plan may include a restructuring of your debt, a loan modification, or may require a bankruptcy to allow you to make installments on your past due payments to reinstate your mortgage loan. You should have counsel through this process to help you make the decisions that best provide for your family needs considering the circumstances you find yourself in.