Worst case scenario (and I've heard of this happening): An owner quit claims the deed back to the bank. That means the bank now is the owner of the property. But: Guess what? That wasn't your problem in the first place. Your problem was the mortgage--the IOU that said you'd pay a certain amount every month.
The deed and the mortgage are two separate documents. The bank now owns your property...but the mortgage is still in place. They can still come after you. But, you protest, you don't own the property any more. True. But that doesn't matter; the mortgage does.
Ask Will. He's an investor. If there's equity in the property, an investor like Will may propose a "Subject To" transaction. That's where you give him the deed, but the mortgage remains in your name. The investor promises to make up any deficiency, and to pay your mortgage on time. That way, you'll restore your credit. At some point in the future, the investor will sell the property, thereby cashing you out and picking up some profit for himself. It can be risky for the seller, but it's done all the time...and often successfully. At least in that case, you'd have some possibility of getting out of the mess while avoiding a foreclosure. Just deeding the property back to the bank doesn't even give you that assurance.
If there's some equity in the property, you might even consider selling it conventionally. If there's little or no equity, a short sale is the more likely scenario. Or even, as I suggested above, a Subject To. But, first, talk with an attorney.
From a lending perspective, the action you describe sounds like a "Deed in Lieu of Foreclosure" which means you voluntarily surrender your home to the lender. Filing a Quit Claim deed ceding ownership to the lender is fraught with peril without careful advice from a real estate attorney. Done improperly, you could wind up giving away your home without any compensation or concession from the lender.
Alternative choices are a short sale, in which the bank agrees to accept a loss on the amount owed to facilitate an immediate sale of your home to another party.
In either case, the net effect is foreclosure. Some states permit the lender to sue for a deficiency judgment for the amount of the loss the lender incurs.
You may also incur a tax liability for the amount of the lender's loss.
All of the above will have a negative long term impact on your credit history and will make it difficult and expensive to obtain credit for years to come.
First thing to do is to contact your lender's Loss Mitigation department and request a hardship package for a short sale, loan modification, or short pay off to refinance your home.
Second thing to do is to contact a local nonprofit agency that specializes in helping homeowners facing foreclosure.