Richmond Times Dispatch, October 2007.
Read the article here
It discusses two options that you have (there are more)
1. Short sale — where the bank will accept less than what is owed.
2. Deed in Lieu of Foreclosure — where you give the title to the bank, in exchange for cancelling the debt.
At this time in the mortgage market, most lenders are willing to work out arrangements. The only way you can know is to call.