Depending on you state and the laws in your state, the law may allow a redemption period prior to the foreclosure sale or after the foreclosure sale. This is a time period by law that allows you to still payoff your loan prior to the confirmation of the foreclosure sale.
In wisconsin, my state, the redemption period is 6 months prior to the foreclosure sale on a normal residential property. In Minnesota I beleive the redemption is after the foreclosure sale and depends on the amount of land involved with the property.
If you are looking for options, you need to discuss with a local expert.
First Weber Group
Certified Distressed Property Expert