Is bankrupty the best way to save my home from being foreclosed on?

Bankruptcy is certainly an option to examine.  Whether it is your best option or not can only be determined after a comprehensive analysis of all your options, including bankruptcy options by an experienced bankruptcy lawyer in your area.   Chapter 13 and Chapter 11 bankruptcy cases allow you to catch up on past due mortgage payments and cure the default on your mortgage.  Also, it does not prevent you from continuing (or starting) loan modification applications to help lower your payments.  Sometimes, depending on the value of your home and amounts owed against it, you may even be able to remove junior liens (2nd or 3rd mortgages)  completely. I suggest scheduling a consultation with a bankruptcy lawyer at your earliest convenience to explore your options. Mark Markus has been practicing exclusively bankruptcy law in California since 1991.  He is a Certified Specialist in Bankruptcy Law by the State Bar of California Board of Legal Specialization,  AV-Rated by martindale.com, and A+ rated by the Better Business Bureau.