Are you behind on your mortgage? If so, you have options. There are several detailed below. If a loan modification will not work for you and you cannot sell your home via a shortsale then you are pretty much left with foreclosure or a deed-in-lieu of foreclosure. The deed-in-lieu of foreclosure is basically where you surrender the home to the bank by signing the deed over to them. You might sign a Quit Claim Deed or something similar.
Take a look at my post about HAMP (Home Affordable Modification Program) it details a loan modification http://wp.me/p1NH1r-4O . This would be your first course of action. If the loan can be modified then that would be preferred by the bank if not all parties. Then take a look at my post about HAFA (Home Affordable Foreclosure Alternatives) it details options like shortsales and deed-in lieu of foreclosure http://wp.me/p1NH1r-4I . You can learn more about shortsales from my post http://wp.me/p1NH1r-4X .
If I can be of any assitance call me at 479-640-8375 or email me at [email protected].