There are many options available to you when you finally decide that you can no longer afford to stay in your current property and one of these options is Deed in Lieu of Foreclosure. This process is available to someone in a primary residence who has had some kind of hardship such as loss of employment, sickness, etc.

While many people assume that you just mail the bank the keys, its not quite that simple.  The property owner must meet strict guidelines to be approved for a deed in lieu of foreclosure and more of these files fail than make it through to completion. 

The lender is still able to go after the property owner for a deficiency judgment if the amount they get for the property when they sell it does not cover what was owed to them though you can try to negotiate this when they are drafting the deed in lieu of foreclosure agreement.  To qualify the property must be on the market for 90-180 days and have no other liens on it. There is also the possibility that this will be recorded on your credit report as a foreclosure.