After reviewing all your options you may determine there is no reason for you to "save" your home.
There are a host of legal issues to consider such as whether there may have been predatory lending. Once you run through the legal checklist some of the options you may consider will be
1. deed in lieu of foreclosure or jingle mail
2. selling to an investor
3. If you have time, you can sell to the public by yourself or with a Realtor
4. If you are upside down (you will net less than you owe)you may negotiate a short sale with the lender. Most short sale advisers incorrectly indicate that you must have a buyer before you begin a short sale negotiation. (This may be because the adviser is actually trying to buy your home via a short sale.)
5. You can allow the foreclosure to happen (although this usually not the best option.)
Some of the Risks:
1. Deficiency judgment (if not part of the negotiation process.)
2. Tax bill from the IRS for debt relief (may put you in a higher tax bracket.
3. Scams
4. Credit
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