[HopingtoFind]

I am trying to help my parents who are strugling with a decision to walk away from the property they own. Their situation is as follows: My father is retired so his income has been reduced, my mother is still working...They currently have good credit. They own this house (loan and title is in my mother's name alone) that used to be their primary residence, but because of not being able to sell it few years ago, became a rental. Their lender is HSBC, which is from what I have read is not a very good one as far as trying to do a modification. At this point it is upside down and nothing in the area is selling. They don't think doing a Short Sale would work...They are at this point $1100 negative as far rent vs mortgtage payment, which includes taxes and insurance and they really strugling to keep this house. I think they should walk away... the only problem is my father is concerned because of Illinois foreclosure laws lender might come after their assets, attach my mother's wages.. etc... Please help, what should they do?