I receiveda letter from my lender stating that my house will be foreclosed on.  What do I do?

Don’t ignore the letter.  Reviewit and call your lender to discuss options available to you.  If the letter is from a third party do notcall them, call you lender to verify that it is affiliated with the party thatsent the letter. 

The only real options you have are Foreclosure, Short Sale, Deed-in-lieu(voluntarily returning the property to the lender), start making payments, orloan modification. 

If there is no chance of your financial situation changing Irecommend a short sale.  I know of acompany that buys them and negotiate with the bank on your part, so you won’thave to deal with them.