You should contact an attorney and explore your options. It shouldn't cost too much to ask a couple of questions. You want to make sure you understand the legalities in doing so prior to making your decision.
Hope this helps and best of luck!
I wrote a BLOG titled UPSIDE DOWN.
You'll get a lot more info that way and I won't have to repeat everything.
You should also search DEFICIENCY JUDGEMENT
Good luck and may GOD bless