There are many variables to consider here. What is your objective? Is it to avoid foreclosure? To save your property? Do you have to sell at this time? Are there factors affecting the situation that are beyond your control such as: loss of job, divorce, illness, etc.
Have you asked your lender about a Deed in Lieu of Foreclosure? This is sometimes used by developers to avoid foreclosure. You essentially sign the deed over to the bank. If you have a second mortgage, this could complicate the situation. Are you behind on payments? Why did you fall out of escrow? Do you feel you are the victim of loan fraud? These questions are important in assessing your situation.
You can get free help at the Fair Housing Council of Orange County located in Santa Ana: 201 S. Broadway; phone (714)569-0823. They are a HUD agency and they are very knowledgeable of the foreclosure process.
Foreclosure Prevention Specialist and Volunteer
Fair Housing Council of Orange County