ClydesMom:A word of caution on that plan. Before going that route the OP would be wise to determine exactly what the timing of foreclosures is in their state and have a plan with somewhere to go no matter what. I don't know about MS but in Georgia lenders typically foreclose in as little as 30 days. GA has one of the fastest foreclosure processes in the country. If MS is similar the OP could find themselves on the street much quicker than they planned when it doesn't take months and months and months to do the foreclosure.
Ah yes, very true but. . . if OP is current on the 1st and stops paying, it will take the first at least 3 months before it even thinks about filing a MLS. Once filed, another 14 plus days before the lender can submit the Order to the Judge. Probably another 3 days before it is signed and 14 days thereafter before it is "final" (unless the 14 rule is waived). And then . . . the lender will move the file from the bk department to the foreclosure department (another 30 days maybe) before it proceeds under state law. Like I said, months and months. But, you are correct, once ready to proceed under state law, such will depend on normal state procedures.