Several things: After the borrower contacts the lender, the lender may be willing to work out some restructuring of your mortgage. However, the borrower should contact the lender as soon as possible. Waiting three months is way too long.
Selling the property. If there's equity in the property, and you can price the property at or below market value, you should be able to sell. If there's substantial equity in the property, you can sell to an investor, who typically will be able to buy in 10 days or less. (Note: If you're within 20 days of foreclosure, that last one does not apply. Instead, you'd have to contact a foreclosure consultant--which you really should do anyway--and the foreclosure consultant will provide the names of some investors who might purchase the property.)
I'm not a lawyer--so check with a lawyer--but I believe that filing for bankruptcy can delay foreclosure. However, if you fail to comply with the payment terms of the bankruptcy, that opens up your home to foreclosure again.
Hope that helps.