Sometimes the bank will do what is called a Deed in Lieu.. I should replace sometimes with once in a Blue moon in Georgia ..
Deed in lieu of foreclosure. Here the debtor gives the property back to the creditor usually in exchange for their forgiveness of potential deficiencies. Do not think this happens without some negotiation by you or a foreclosure professional. Even if you give the house back or the bank takes it at a foreclosure auction you may owe the deficiency. This amount will be the difference between what the house sold for at the foreclosure sale and what you owe including the legal fees. While the deficiency can be settled without paying any of it, this must be agreed to and certainly does not happen automatically in most states.
Will the bank just take back my house instead of do a Foreclosure.