First of all you do have some options. One of those is listing your property and possibly achieving a "Short Sale" on it. Although your credit will be effected, it will not be as severe as going through the full foreclosure process. Assuming you are fully foreclosed on most lenders current requirements would keep you from purchasing another home for 5+ years. FHA currently requires at least 3 years from your forclosure. This is most likely not what you want to hear but it is a result of our current housing situation. I hope it answers your question.