You are not alone. Las Vegas is the worse hit state. The first thing you might consider is going to your banks website and looking for "loan modification" information. Most banks offer loan modification assistance. You will just print off their site the documents they require and submit the proof they request.
If you know you will not to able to afford the payments, due to job loss, etc. then you might want to consider listing your home for sale. I would suggest a consultation with a Real Estate lawyer and your CPA. You want what is right for you, after all you live with the decision either way.
If you do go with a foreclosure you might want to think about a few things. The potential of not getting a job due to having done a foreclosure. Your car insurance might go up, or get cancelled. I was amazed to see that question on my car insurance application. The credit you have now, like your credit cards, could see huge rate hikes. Any entity you have credit with has the ability to check and review your credit at any time.
I am here, would gladly walk you thru the steps to get you the outcome right for you. I look forward to hearing from you.
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