Also, in most cases they won't go after you for the deficency.
More details on the BOA program:
One big catch, you must approach BOA and get approved for the short sale before you have an offer.
If you have a Bank of America loan, you may be eligible for the Relocation Assistance Program, which provides $2500 - 30k, please feel free to contact me to see if you may qualify.
The positives are your credit score will be dinged but much less than a foreclosure, the debt relief act is good thru 12/31/12 if the home is your primary residence, in most cases the lender doesn't pursue deficiency Example: You owe 150,000 on your home, it sells for 100,000 the 50,000 deficiency is not collected by you from your lender, they waive deficiency and don't pursue. Depending on what type of mortgage loan you have, you may be able to purchase again in 18-24 mos.
Foreclosure: credit is affected forever, the lender will pursue deficiency
Put this link in your browser, it provides a overview Shortsale vs Foreclosure
If you have any questions, or need any other information, please feel free to contact me.