I would be cautious regarding advice coming in from out of state, the laws pertaining to deficiency etc are based on state law.
Have you considered leasing your current home and getting an apartment closer to work? Apparently you are either going to rent a place closer to work anyway or stay with friends or family since you know a foreclosure will prevent you from buying another house for several years.
I strongly encourage you to explore all options before you consider a foreclosure as the only option for getting to an area closer to work. As part of this exploration, I recommend seeking the counsel of an attorney and financial advisor.
A short sale is not an option based on the limited information you provided. An unpleasant communte is not a "qualifying hardship." A simply owing more than the amount needed to pay off your mortgage will not qualify you for a short sale.
A deed in liue of foreclosure will also be an unlikely option because again, you have not mentioned having a financial hardship and your mortgage company will review your financial position before agreeing to a deed-in-lieu. Not wanting the home any longer will not be an acceptable reason.
There are so many more factors that you need to carefully consider before considering a foreclosure for non-financial, non-hardship reasons that I/we can not fully outline in this forum. (i.e. your mortgage company can possiblly sue you for the difference if they foreclose and sell the home for less than you currently owe, your credit card companies can raise your interest rates or cancel your accounts once the negative impact of your foreclosure is reflected in your FICO score, you will pay ridiculously higher interest on car loans, you will be prohibitied from working for certain employers who review credit scores as a condition of hire, and on and on.)
I sincerely hope you consider doing more research before doing this to yourself....
Lets run with your work and the school and make it happen!
We might have a better change doing a short sale of the home and trying to get it done by the end of the year for you. Would depend on the house, the bank or banks etc. The sooner we start the sooner we can find out what is the best for you.
We offer free consultations and the process of short sale does not cost you either. Your commute is a reasonable hardship.
Solutions Real Estate
It might be $250.00 well spent to see where you actually stand and what options exist. Would be glad to share with you.
You may wish to go to knowmyoptions.com; a website created by Fannie Mae to help people in your situation. There is a section titled "Avoid Foreclosure" which may be appropriate.
Start by contacting your lender's loss and mitigation department. You may also contact a counselor through HAFA. Visit http://www.makinghomeaffordable.gov for information and options regarding your situation.
The more time you spend researching this, the more you'll be better prepared. Every situation is different, so don't group yourself into another's experience you've read on the internet.
Hope that helps best of luck to you.
Whatever you decide to do, feel free to contact me should you require assistance from a real estate agent that lives and works in your area.