If your mortgage lender is ready to foreclose on you, and won't play ball with short sales or interest reductions and so on, get a lawyer and have him go over every inch of every form involved in the sale to you.
The reason is that many loans that have been issued are defective in some way. There's a chance that a lawyer knowledgeable in real estate transactions can find defects and force the lender to work with you or risk having you report them, maybe even sue them.
If the lender now foreclosing is not your original lender, have the lawyer demand to receive copies of all of their paperwork on this loan. There have been several instances of financial companies foreclosing on loans that they didn't legally own!
As long as you still have a job and can make some sort of payments, Hell even if you can't, there are other deals that can be worked out instead of foreclosure.
Good luck, and whenever someone tells you that it's not the end of the world, tell them to piss off.
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