Emmanuel,
Have you contacted any of the numbers from HUD's avoid foreclosure section of the site.
Let me know if you need any help.

Jes Sierra, B.Sc.
Realtor®

Hi, first, if you are losing your home, I guess you have missed at least 5 mortgage payments. To my knowledge, there is no mortgage program with that payment history. Most mortgage propgrams will request 24 or 36 months with no late payments at all.

Have you think on Short Sale your home? Contact a local Realtor for information regarding the difference between a Foreclosure and a Short sale. On a Short sale, ussually you might be able to obtain a mortgage in two years, as long as you had establish credit and your score had improved.

The only way you will buy is cash.

you cannot qualify for a loan just because you have enough down payment... For FHA loan, you need to have a credit score of 620... and as Jes said, lender is going to check the equity on your home...

Emmanuel,
The lender is going to check and see if your primary residence has at least 30% equity.
And if doesnt have enough equity you will not be able to get financed.
Have you contacted your lender and tried to have your mortgage restructured?
Check out HUD's website and look for a distressed homeowner counselor near you. http://www.hud.gov
Contact them tomorrow and see if they can help you keep your home.
If you have any questions, feel free to contact me through my trulia profile.

Hope that everything works out for you,

Jes Sierra, B.Sc.
Realtor®
(909) 762-1153