How can I prevent foreclosure when my credit is to bad to refinance?
There is plenty of equity in home and we don't want to lose it.
The only legal way to prevent foreclosure is to meet your mortgage obligations--i.e. to make mortgage payments in full on time. If you don't, for any reason, the lender can foreclose, and not even filing bankruptcy would prevent them from ultimately doing so, though it would delay foreclosure for a period of time.
Practically, you need to either renegotiate the mortgage with the lender (which is voluntary); refinance or take out a home equity loan or line, which would provide cash for payments (while increasing your total debt and payments, so mid- to long term making the situation worse); or coming up with the money some other way (e.g. leasing the house out, while you live someplace less expensive).