This is a pretty long article and worth the read, BUT if you don't have the time, it basically states that if you just walk away from your property, chances are the bank will come after you. And depending on where you live they could pursue you for up to 36 years. BUT if you do a strategic foreclosure OR a short sale and you have debt forgiveness clauses in your closing documents, then you will be fine. Hire an attorney and real estate professional- trust me it could be worth hundreds of thousands of dollars to you and many nights sleep. Call or inbox me if you need any guidance.
Washington Post Article on Foreclosure Debt
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