This is a new website from Fannie Mae that you have got to spend a little tme on if you are struggling with your payments or otherwise considering walking away from your home.
In short you can ignore the issue and hope that it goes away...in which case you are flirting with foreclosure.
You can be give up and hand the keys back to the bank, this is called deed-in-lieu-of (foreclosure).
Or you can be proactive and attempt to do a short sale in which you sell the property for less than what is owed on it (this requires the lender's approval).
These three options will impact your credit in different ways and are listed above in the order of their severity...that is foreclosure will have the biggest impact on your credit then moving on down that list.
To learn more about these options please consider reviewing Fannie Mae's new website, http://knowyouroptions.com/
Lenders, please direct your struggling clients to this site to help them learn what is available to them. Don't forget about http://makinghomeaffordable.gov/ either. This site can be helpful for those seeking to keep their home and modify the loan to something more affordable...qualifications apply.
Now the above are all the conventional ways to get out of your house; there are others which involve real estate investors. Some investors may guide you towards a short sale, others may suggest taking over the house sub2 (or subject to)...this means you deed it over to them, they own it, the mortgage is still in your name, they make timely payments, your credit looks better (this is how it is supposed to work). If you begin working with an investor please do your homework and know what the pros and cons are before making a final decision. If you do not know how to turn to for this please feel free to contact me as I am well versed in this area also.
Bottom line, educate yourself please.