Thanks for your question and good evening.

Your only option here would be to see if the lender would agree to a deed in lieu.Since it is set for foreclosure this is about the only option to try and avoid any potential deficiency.The lender otherwise is going to sell it and you will have to wait and see if they pursue any deficiency.Often if the lender fees they cannot collect anything else they will either agree to a deed in lieu or just foreclose and not pursue deficiency.I would definitely contact lender to see if deed in lieu is possible.

It is really too far underwater here and your options at this point are pretty limited.The lender is unlikely to agree to any kind of reduction on the amount owed but they might do a deed in lieu.It is at least worth asking about.

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Reference to deed in lieu in Illinois

http://www.ilga.gov/legislation/ilcs/fulltext.asp?DocName=073500050K15-1401

You can consider a local lawyer here to help negotiate say deed in lieu.No it means you deed it back and lender agrees not to pursue deficiency.It is better for you here than say foreclosure.

If you want to use a lawyer here to help negotiate you can locate one here.

http://apps.americanbar.org/legalservices/lris/directory/main.cfm?id=IL

Also bankruptcy might be an option if they do pursue deficiency.You may want to go over this as well.

You just need to explore these options real quick as your time is limited.

I wish you good luck resolving it here.

Thanks for letting me chat with you and provide you information