If you are facing a foreclosure, it is important to understand that you have options.
Some of the options that you have available are:
A short sale, deed-in-lieu, forbearance, mortgage modification, mortgage refinance, sale fo your property (for those few of us that have enough equity), are a few of your options.
Click on this page for great information on how to stop a foreclosure.
Just as important as realizing that you have options, and you don't have to just settle for letting the bank foreclose on your property, is choosing the right real estate professional.
When your house is on the line, you should be very careful with who you choose to stop your foreclosure from happening.
Make sure that
1. They don't charge any upfront fees for their services.
2. They are licensed real estate agents
3. They don't outsource the short sale mitigation process (by mitigation I am referring to the short sale negotiations with the bank)
4. They have experience with short sales. You don't want a rookie handling your short sale, or someone that simply knows how to do one because he took some sort of class. Only use experienced professionals to ensure you have the highest chance to stop your foreclosure.
If you want more foreclosure prevention information, I strongly recommend you visit this foreclosure rescue site.