Dana Howard of News10 ran a story last night about life after foreclosure. The consensus was that there is life after foreclosure for most people. While some lenders will not give you a new mortgage right away, you will be able to rebuild your credit and own a home again.
Here is a link to the story: http://www.news10.net/video/default.aspx?aid=71107&storyid=55793
As soon as you realize that you will get behind on your mortgage, you should consult with a professional. Options include a short sale, loan modification, deed in lieu of foreclosure or simply walking away. However, there are tax and legal consequences to every decision. My office is ready to answer your questions.
One final note: Do not hire someone without a full review of the person. For attorneys, the #1 website to review is www.avvo.com. Do not let anyone pressure you into making a quick decision or paying money without fully reviewing their contract.