some places will let you legally own a forclosed house if you can manage to live in it for 6-12 months. Even if your name isn't on the deed. It's like squatters rights......

Your only other options would be refinancing, (really tough if you have a payment history bad enough to warrant foreclosure), or finding a private lender who will pay off the mortgage and keep you as a tenant. (Again, really tough due to the foreclosure).

I had a friend who went through a similar situation due to work loss ... so he worked out a solution by refinancing and selling half of his property to a family member ... but was considering doing the same with a good friend ... He ended up with more money to himself ... they renovated the house ... sold it for a profit ... and he was able to buy another house outright ... so in the end it was a good move ... Just an idea ... Goodluck!

You've got to find a way to sell it. There are legitimate buyers out there that can pay cash or close quickly but they will want your home at a deep discount but at least you'll walk away with some money and no foreclosure. Sometimes the bank will work with you if you have a legitimate signed contract and they will delay the foreclosure to give you a chance to close on the sale. Talk to the representative at the bank...they really don't want your home, it's not their business and it cost them a lot of money for lawyers, etc. The house we just bought and fixed up was basically "stolen" by someone that promised the family they could rent the home and "profit share" after they fixed it up and sold in the spring. They got a 5 day notice of eviction after it sold. If it is too good to be true...it is. My brother (I wanted to kill him!) let the bank go through with the foreclosure without even attempting to sell or even talk to us about it. Don't be too proud to ask people (banks, credit counselors, realtor friends) for advice. He lost an estimated $30,000 in equity. He would have been out of debt and at least $10,000 richer. Grrrr. Good luck! People that make promises in order to steal your equity are doing a foreclosure rescue scam and should be reported to the city attorney.

Someone alredy mentioned it, but there is lot of investors who look for preforeclosure houses, they will take the house off you hands so you don't have to foreclose, and you can walk away with some moving cash, but there must be some equity in your house. What area are you living in, I'm actually just getting into this, and I would love to help you find someone who'll buy your house, just as a learning experience for me.

You can contact a Loss Mitigation Consultant to see if you qualify for one of their programs .. they are working for you , not your lender, and want to keep you in your home ... http://www.preforeclosureusa.com/lisa