Relinquishing a property b4 foreclosure

[kmatch7]

What is the name of your state (only U.S. law)? Virginia

I have a investment property that i have not been able to make mortgage payments on in 7 months. My mortgage company has agreed to let me sell the property at a lower market price and they have not started foreclosure proceedings yet. I can not financially afford to maintain the property. i.e. HOA fees, electric, water etc.
How do i relinquish the property legally in writing??? what should my letter include?? notary stamp, copy of deed etc. What are the problems with this approach since i have no financial ability to avoid foreclosure at this point.

Need to do something quick
kmatch7

[FlyingRon]

"Relinquishing" the property doesn't get you out of the obligation to pay.

[kmatch7]

i understand the obligation to pay but that would be the case even if they foreclosure. damage is already done, ability to pay is still zero. i just want to know what specifics need to be included in the letter.