If you can't sell the property in a very short period of time, you best option is to execute a deed in lieu of foreclosure over to the mortgage company. This allows you to avoid the time and expense of a formal foreclosure (and keep it off of your credit information), not to mention that it should get you off the hook for any deficiency judgment in the future (if the house was foreclosed and sold for less than what you owe, the mortgage company has the right to seek the balance from you).
If the bank is willing to take the property back, this is the best route to take.
Feel free to ask any follow-ups.
Generally, an attorney's involvement in a deed in lieu of foreclosure would be preparing the deed. In this instance, the mortgage company probably has a form deed it would use.
That being said, I do not believe it is necessary to hire an attorney, but it may make you more comfortable with the process.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).