If you do not care to keep the home, talk to someone about doing a short sale. The debt will show satisfied and settled on your credit and you will not have a foreclosure on your credit or in the public records (both matter, often over looked by people).
Interview a hand full or more of agents who claim to be "short sale" experts. Ask them to see an MLS print out of the short sales they negotiated. Ask pointed questions about doing short sales. Ask a CPA about tax implications if you have any concerns. More often than not all the warnings you hear about deficiency judgments and tax consequences just never come to pass because the bank just ends up throwing good money after bad to try and collect from someone who couldnt pay their mortgage payment, the proverbial 'blood from a turnip' if you will.
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