Legal Question in Real Estate Law in Illinois

Best for you is a to sell the property. Next, if the property is worth less than you owe, is a short sale, where the bank would agree to take less than is owed. Next would be a deed in lieu of foreclosure, but the bank is not obligated to accept this. Your last choice is foreclosure. You should speak with a real estate or foreclosure defense attorney in your area to discuss the options.

I agree w/ Mr. Moens. I just want to clarify his point about a "deed in lieu" which is the legal term for what you call "relinquish back". It is not your right or option to "relinquish back" the house to the bank - it would be the bank's option and you have no say so in their decision. See an attorney as he says.