Establish a repayment plan or forbearance agreement with the current mortgage company.
Modify the terms of the existing loan through a mortgage modification, agreed upon between homeowners and lender.
Refinance through a traditional or hard money lender and obtain a foreclosure bailout loan, if there is enough equity to qualify.
For FHA loans, obtain a partial claim to get current. This will result in a lien being placed on the property for the amount of arrears, but reinstates the mortgage.
Sell to a private investor or friend/family member who will allow the homeowners to continue living in the property.
File bankruptcy and include the house (Chapter 13), and keep up with the court-ordered repayment plan.
Sell the property for less than what is owed through a short sale. Tax liabilities may be a result of this option.
Sell the property outright for as much as possible, paying off the loan in full.
Offer the bank the deed to the house to avoid going through with the entire process with a deed in lieu of foreclosure.
Just move out, abandon the house, and begin the process of becoming financially stable after foreclosure.