Odds are, if you're facing foreclosure, you knew it was an issue long before you got that first notice. While there are cases where people feel surprised that their home is being taken back by the bank, most people are well aware that they have been missing payments. They know the potential ramifications. They just do not feel like they have any other options.
If this happens to you, it is crucial that you do not ignore any of the documents you get from your lender. They're going to attempt to contact you. It will probably start with reminders that you need to pay. If they begin working toward foreclosure when you still don't pay, they'll send you notices to make sure you know it's coming. They're legally obligated to do so.
People sometimes ignore these notices because they don't understand the process, they feel intimidated by it or they assume they have no options and so it doesn't matter anyway.
This is a mistake. There are always options. Ignoring the communications just makes things worse because you're not working with your lender and looking into those options. Remember, they don't really want to take your home back. It's a long process and they'd rather that you just paid. You need to communicate with them so that you know where you are in the process.
At the same time, you need to consider all of the very real options that you have. For instance, bankruptcy puts an automatic stay on foreclosure proceedings. That's not the right move for everyone, but it can be very beneficial for many. You need to know where you stand and what steps to take.