Yes, you have some decisions. Rent to own could be good, but in most cases the purchase price is "undefined" so beware.
Before you consider the foreclosure, consider these re-financing options and the "short sale" alternative:
Financial distress? Homeowner finance options through HOPE NOW, an alliance between counselors, mortgage companies, investors, and other mortgage market participants. See the link for more information.
Short Sale Consideration Webinar. (35 minutes). A must watch before starting the short sale of your home. More information on the short sale process. What is a short sale? What should I do? How much will it cost? Watch an excellent short sale webinar that will answer most of your questions at this link: http://www.arizonahomesland.com/forsellersorlandlords.html