Linda,
Jennifer is correct below that you sale your home for less than you owe on it. The lien hold must approve the sale and I would call your bank and discuss the options they might offer. There is a short sale , a deed in Lieu of foreclosure , a loan modification. The impact on your credit will vary and my personal expereince is my credit took a 125 point hit. There also may be tax issues if it is a investment home , if you live in it than you are ok on the tax issues the debt will be forgiven on the sale.

Short sales are very common in Las Vegas and lenders are becoming more open to them and they take about 90 days to get a approval to close the deal. If you need further assistance please feel free to contact me.

A short sale is when you sell your home for less than you owe on it (with the banks permission) You should contact a real estate attonery before you do this as there may be issues that will make it a extremely bad idea. Credit wise it knocks your score down and you will not be able to buy another home for at least 3 years.