You can either redeem the property (purchase it back from the bank), which is RARE ... or you can sell (or short sell) the property.

If you would like to be put in-contact with an agent in your area that specializes in this type of business, please email me at Derek@DoorToDreams.com (or contact me through my Trulia profile) and I will be sure you speak with someone locally.

Thanks.

Call your Lender ASAP and discuss it with them. They do not want your house anymore than you want to loose it. Some states such as Nevada now require mediation between the Lender and the Owner prior to reposession, this may also be true in your state. Find out.....
But most important call your lender and see if you can negociate a settlement
Good luck