One quote I heard on the Internet was "We are foreclosing on those who aren't talking to us."
I think it is always a good idea to try to keep in contact with the bank. You may never know, it may hold things off for a month or two, and that may be the month or two you needed to get your finances back in order. The banks do not want your house. They want you to keep making your payments and get back to current on your loan, or at least maybe sell your house and pay off the loan. If you don't talk to them, that leaves them very few options. If you talk to the bank, they may be able to offer you ideas you haven't thought of that may work for you.
The downside is that all the talk in the world will not save your home from foreclosure. The only way to do that is to get back current on your payments, or make some agreement with the bank to resolve the issue. Simply talking to them will not fix it. There will have to be some action on your part to fix things.
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