Frankly, I have no idea what you should do.
What I can tell you is why consulting a lawyer as soon as you think there might be mortage trouble makes sense.
What a lawyer can do for you is tell you how, under the law, each of those alternatives (and others) will affect you (your credit score, tax situation, . . . ) so you you can decide your best course of action.
But there are a lot of people are getting to know the ins and outs of all this. Why hire a lawyer?
What you get when you hire an attorney is a professional with an ethical duty to put your interests first, ahead of everyone else's. If you talk to someone in the real estate industry (your banker, broker, agent, homebuilder, a refi salesperson, or a "foreclosure rescue outfit"), they have zero duty to consider your interests at all, much less to put your concerns ahead of theirs. And, typically, their interest is in having you pour as much money into your mortgage as you can, regardless of whether you ultimately lose the house or not.
Of course I'm delighted if you make an appointment and consult with me about your situation. But even if I never see you, I hope you will call an Oregon attorney for advice before you find yourself with your options foreclosed along with your house. You can request referrals from the Oregon State Bar Lawyer Referral Service by calling 800-452-7636 and telling them you want a referral to an attorney who can counsel you about your options for dealing with your mortgage. Don't wait until the foreclosure process starts --- you have the greatest number of options if you take control of your situation while you are still current on your mortgage.