My short answer to you is "NO!" If it's at all possible and you can keep up with your payments, then you should. Our economy and real estate market will take much longer to recover as foreclosures continue to occur.
When you purchased your home, you signed a contract, a "promise to pay" agreement with the lender. Perhaps circumstances have changed from when you first signed that agreement. Maybe you've lost a job or a reduction in pay, maybe your interest rate is going up like the contract stated it would and now your payment is too much for you to afford, or maybe you've experienced a death or illness in the family. All these issues and more can affect your ability to keep up with your payments. However, none of them are the lender's fault. Your lender has a right to expect you to keep up with your side of the promise.
If you cannot keep making your payments, than it is your responsibility to do everything you can to keep your home from going into foreclosure. There are numerous alternatives that you can try from a short refi to a loan modification to a short sale. Nearly all of your alternatives are at no cast to you so there's no reason not to try. Your goal is and should be to avoid foreclosure. After all your alternatives have been exhausted and you still face foreclosure, than you have the satisfaction of knowing you tried everything you could.
You can learn more about the alternatives to facing foreclosure by clicking on the following link:
If I can be of any further assistance, please do not hesitate to let me know.
Realtor/Certified Pre-Foreclosure Specialist
Keller Williams Realty