What is the best process to give back the home to the lender when we can not qualify for a reduced interest rate . State of Florida

Our home initially estamated at 180K now 3 years later due to real estate conditions has valued at 120k and the lender will not refinance. We can no longer make payments

You don't just "give it back" to the bank. If the bank does take over the home, you will still be on the hook for any shortfall. If you owe $170,000 and they sell it for $120,000 you still owe the balance of $50,000 plus additional costs. You purchased the home, not the bank. Tis you that has to suffer the consequence of making a bad decision. I would try to stick it out to save your credit rating. Why did you take an ARM when fixed rates were very low?

What is the best process to give back the home to the lender when we can not qualify for a reduced interest rate . State of Florida

Our home initially estamated at 180K now 3 years later due to real estate conditions has valued at 120k and the lender will not refinance. We can no longer make payments
Are you in an adjustable rate Wags? There are Gov programs that may be able to help.

As stated above, this isn't the way it works. If you don't pay, the bank will foreclose; this will take some time. Your best course is to continue making payments and keep your part of the American dream unless your plans have changed. Otherwise, you will most likely wind up filing Chapter 7 bankruptcy.

My apologizes I responded to Wags and I meant it to Gardengate2. Bad morning!

The mortgage rate qualified for was around 8.9% fixed through HFC - the only lender willing to help us, & they said in 6month to a year they would re-evalute our payment hx & offer us a lower fixed rate.. Thus far they have not & payments were faithfully made.

The sad part is that we really tried to improve the house will tile, granite & marble. Fenced in the yard etc.