What is the best way to give items to lien holders? 5 Answers as of September 08, 2011

With the car, you can contact the lien holder about voluntarily surrendering the car. The creditor would not be required to agree, and is only likely to do so if the car still has resale value. You may also remain responsible for the difference between the balance owed as of the time you return the car and the amount that they are able to sell the car for. With the mortgage, you can contact the mortgage servicer about voluntarily surrendering the home. The process is called "short sale." Most servicers require that you be delinquent and/or in pre-foreclosure before they will allow a short sale (or a deed in lieu of foreclosure). If the servicer does allow the short sale, you may be held responsible for the difference between the mortgage balance and the sale price or you may be required to pay taxes on the difference (receive a 1099 as if the amount were received by you as income).

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You can try. Ask them to release you in exchange for voluntarily surrendering the collateral.

As far as your car, you can go to the financier and give in the property. As far as the home is concerned, you can short sale the property

Why would you want to expedite it? You are better off staying in the house "rent" free until they foreclose. Save your money to pay for the move and for rent on your next home. Drive the car until they repo it Your credit will be hurt no matter what and they do not give gold stars for deeds in lieu.