2 Answers

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If you don't want to put your house on the market or can't get a short-sale approval, you can try to negotiate a deed-in-lieu directly with the lender.

The pace of this process -- in which you sign over your ownership of the house to the lender to avoid foreclosure -- depends on the specifics of the situation and the lender's response. But again, it's unlikely to happen quickly.

A short sale or deed-in-lieu will hurt your credit score, and you'll be required to disclose your financial information to the lender. The lender may demand a promissory note that would obligate you to repay some portion of the loan after the sale or loss of the property.

Read more: http://www.bankrate.com/finance/real-estate/3-ways-to-get-rid-of-your-house.aspx#ixzz4XbJhxjKE 
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