I suggest you talk to your bank and see if your eligible for a short sale (the bank agreeing to except funds less than what you owe in the sale of your home. Also consult with your CPA about the tax implications as well.
Best of luck
Yes that is possible.
It depends how much you owe who are you banking with and what other assets you might have. I could help you check your property current value an initiate short sale process with your bank. You can reach me at 252-617-0861
As far as the difference; they call that the "deficiency", and North Carolina is "Non-Recourse" State:
What that means is that the Bank cannot come back to you for the difference. Understand that that is not a black-and-white thing; each State has exclusions and rules regarding that procedure, and you should check on North Carolina's. I certainly wouldn't want you to quote me to anyone there as I am not an expert on N.C. deficiency judgement rules.
As an aside; if you do one of the alternatives; Foreclosure, Shortsale or Deed-in-Lieu, you can also make it a part of the deal that the Bank give you a letter absolving you of any further debt.
These are things which you probably should discuss with a Real Estate Attorney there: There is too much money involved for you to not have good legal advice.
Good luck and may God bless