There is another solution to mortgage problems and to avoid foreclosure. The deed in lieu of foreclosure can solve the problem. The deed in lieu of foreclosure process is basically giving the title and ownership of the property to the lender in trade to be free and clear of the loan. You will essentially turn in your keys and sign off the title of the property by conveying the deed back to the lender. A deed in lieu is sometimes called a Voluntary Foreclosure.
This process is recommended to be accompanied by a lawyer to ensure that all the legal correct paperwork is completely to ensure the property owner has a legal transfer.

Pros

• Releasing responsibility to defaulted loan
• Lender still has collateral to sell
• Lender does not waste cost and time in foreclosure
• Avoid the issue of judgments
• Both sides have satisfying outcome
• Borrower avoids issue of potential personal deficiency judgment 

 Cons

• Generally applies to properties that have one mortgage
• Not all lenders accept a Deed in Lieu
• Credit reporting may reflect a deed in lieu as a Foreclosure rating
• Your lender will most likely require you to list the property on  the market as a Short Sale for at least 90-120 days before considering a Deed in Lieu offer