<prompt> Human: I owe 295k on my mortgage, but the property value has dropped to 180k.What are my options? I live in Alberta.Ideally I could get the bank to reduce the remaining principal to the value of the property. Is there such a mortgage modification that I could pursue? How would I do so and what would I ask for?Alternatively I could file a quit claim in such a way that would prevent the bank from coming after me for more money. Any tips for how to proceed with this?Finally I could declare bankruptcy. I dont have much assets an 8k vehicle; and the asset allowance is 5k I believe.Im planning on going back to school so my income will be minimal for a few years.Thanks for any tipsadvice!  <response>: Im going to be frank...I do not know of any mortgage system in any country in the world, where a mortgage holder magically reduces your principal to the current value of the property or lets you file a quit claim and forgives the money you owe them over and above the value of the property.Except for the option of bankruptcy, what you want is to have the bank ignore that you owe 120,000 over the value of your asset, just because you dont want to owe 120,000 and somehow feel entitled to not owe it. 