Foreclosure should be your last option, rent, short sale,renegotiate mortgage,get a room mate, think outside the box a bit.
Why are you considering selling? Are you in financial trouble or concerned about declining values?
Keep in mind you have to live some place. Can you rent a decent place for the same or less than you are paying on the house now? Also keep in mind that everyone checks your credit - rentals, auto insurance, landlords, utilites, doctors, etc. Your credit card rates can even be increased because of a bad credit report. If you have a foreclosure or a short sale, it will effect your credit and buying power for several years.
If you can hang on and make your payments, this doom and gloom market will turn around!