Over the past several months, there has been a lot of information available about alternatives to foreclosure:
-- loan modification
-- short sale
-- deed in lieu
All of these depend on the mortgage lender involved, and on how they make loss mitigation decisions. The rules of foreclosure, however, are a matter of state law. Lenders may exercise patience and attempt alternatives before triggering the foreclosure process, but this website does a good job of outlining the steps in a Texas foreclosure, and in providing good general information about some alternatives:
If you're struggling with mortgage payments and in risk of losing your home, don't wait until it's too late. Please check out this information and contact a professional for assistance.