What bank and who specifically do you know that pulled this off? I had a friend who tried that. The bank said you've got a job and we'll sue you for the loss if you walk away. The only option is to file for bankruptcy. Short saleing is not a foreclosure and is pretty automatic under standard mortgage clauses. Threatening to file for bankruptcy isn't leverage in getting a bank to write off a big chunk of the debt you owe. I had another friend who filed for bankruptcy, gave the keys back and the bank still got the trustee to garnish his wages to pay a chunk of that difference off for another year.
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