If you know you are having difficulty making your mortgage payments, it's time to strongly consider putting your home on the market so there's a better chance of getting it sold and you out from under the mortgage before the foreclosure letter shows up. If you wait until you get the notice, you are less likely to have time to get a deal done before the foreclosure is scheduled. (Most lenders are not willing to postpone an auction even if there's an offer on the table if not able to get it closed and paid off weeks ahead of the foreclosure date, so time's of the essence, especially since closing can take as much as 45 days to happen.)
If we can't get it sold for what you owe on it, we'll need to approach your lender about approving a short sale. That means the lender is willing to accept less than what you owe. However, they must agree to the price. You will still end up with a negative hit on your credit rating, but it will come off your credit report much faster than a foreclosure or bankruptcy. I have assisted several sellers through the short-sale process, so let me help you.
Call one of our agents ASAP to schedule a home visit for a free consultation. You will find contact details for all Realty Advocates LLC agents at https://www.realtyadvocatesal.com/about/.