Foreclosure prevention is a combination of an art an a science. You can learn how to orchestrate the details.
It's easiest if you start your planning at the first signs of a problem. You don't want to wait for them to contact you when you start to default on mortgage payments.
If you lose your job or have a sudden increase in expenses, it's important to openly communicate with your mortgage lender to let them know that there are some changes in your financial situation. The lender will usually work with you to explore available options.
If you're hesitant about contacting your mortgage banker, you can have us talk to them for you.
This website describes many foreclosure prevention approaches.
The foreclosure alternatives page discusses many approaches where you can use options provided to you through the cooperation of government agencies and financial institutions. These options include
special forbearance where you might be able to skip a few payments
refinancing
pre-foreclosure sale where you can sometimes sell your home for less than the balance of the mortgage
get help from the FHA insurance fund
deed in lieu of foreclosure where you shake hands with the lender and turn over your home while saving your credit
reduce your interest if you're in the military service
You can also learn more detailed information about mortgage refinancing. If you want to use this technique, it's best to start exploring your options at the first sign of a problem.