The bottomline is if you are a homeowner, if you are behind in your mortgage, if you have not worked with the bank to try and resolve your default, if you have no ability to make any payments, if you ar erenting your home or if you have abandonded your home and it is vacant, you may not have a defense against foreclosure.
What you do have is teh ability to have more time to work things out. if you have the ability to make any sort of payment, then you have time and a chance to get a forebearance which is 100 times quicker than a loan modification, it sets repayment terms of what you owe, it can move that back balance to the rear of your loan and bring you current. you then have time to complete a loan modifciation without worrying about foreclosure.
If you have no ability to make payments, then you now will have time to complete a short sale. This will avoid foreclosure and save your credit allowing you to purchase another a home ina mere couple of years instead of 7 to 10. If you cant make your payments or if refuse to work with the bank, this will merely delay foreclosure and not help you find a solution. My advice is to call your bank, aks for the home retention department, let them know your situation and see what they can do to assist you.