1. You're in Trouble  --You may have recently lost your job or fallen ill -- and now you're behind in your mortgage payments. 
Answer - Look at unlike reserves (cashing CD, borrower against your life insurance, sell unused items).

2. Missing Payments  --The 30-day late notice has arrived. 
Answer - Discuss a forebearance plan. This is nothing more than a special payment plan that you and the bank can setup.  Think about refinancing with a longer term. This can reduce your monthly payment, but will increase the duration.

3. Discussions are no longer an option --After 90 days banks and lender are less likely to offer forebearance and refinancing options.
Answer - Once you receive a NOD (Notice of Default) you must appear in court where another opportunity to save your home by offering some type of payment. These payments are also called "partial claims" which allows you the mortgagee to advance funds to the bank in the form of a promissory note. Keep in mind, you must be within 12 months delinquence.

4. Your home is set for auction. 
Answer - If there are no buyers for your home the bank will take ownership or another option is a deed in lieu. A deed in lieu allows you the mortgagee to sell you home back to the lender that financed the mortgage. You won't save your home, but it can help your credit.