Here's a secret for you:  Your lender does not want to foreclose your property!  Why?  Because they are in the business of making loans NOT owning and selling real estate.  In fact when if receive you notice of default, don't be surprised to see some workout options listed for you right there.  Here is a list of the common options you have: 

• Forbearance:  Lenders may let a borrower pay less than the full amount of the mortgage, or skip a few payments, it there is a reasonable plan to bring the loan current.
• Reinstatement: A homeowner may be able to make a payment  that covers all of the previous late payments, usually at the end of the forbearance period.
• Repayment Plan:  Lenders may allow a borrower who has fallen behind to make additional payments each month until the past due amount has been paid.
• Loan Modification:  Lenders will sometimes change the terms of a loan to help a homeowner avoid foreclosure.
• Debt Forgivness:  A homeowner could be allowed to sign over the property to the lender in exchange for debt forgiveness, an option that can damage credit but one that is better than having a credit history of foreclosure.
• Deed-In-Lieu of Foreclosure:  The homewoner essentially gives the deed back to the bank.
• Short Refi: This is still new and some lenders may not even offer it.  You refinance the property for a lower rate and a lower principle balnace.
• Rent The Property:  Only a good solution IF you can rent the property to cover your payments. 
• Sell The Property:  Only useful if you have enough equity in the property to cover the loss.
• Short Sale:  A Short Sale is when the lender agrees to accept less for the property than is actually owed on the property.

Out of the ten items listed above, you can probably deal with7-8 of them on your own.  However, if you are considering a "Short Sale" then you should have a Realtor working with you.  Doing a Short Sale is not when you want to try a "For Sale By Owner".  Realistically, you just don't have the time.