Here are some options:
- File bankruptcy
- Let the bank foreclose
- Apply for a loan modification
- Refinance
- Short Sale
If done correctly, a Short Sale could be the best option for
you. You sell the house for a lower price, approved by your lender. The Short Sale benefits far outweigh those of foreclosure including:
- Ability to buy another home immediately after the short sale process
- Credit Reports will not list Foreclosure on your record