We are sorry you find yourself in this position. "Letting the property go" should be considered as a last resort and it appears you have not exercised other options.
The bottom line is there are serious implications involved with going the "foreclosure" route that you should completely understand.
But for now, contact a Trulia agent that will assist you in understanding your options.
The "Eckler Team"
Michael Saunders & Company
You've got two great responses.
I suggest talking with a few Realtors and finding out your options.
I'd be happy to refer you to a top Realtor who knows the local market trends and values so you can find out your possible moves, pros and cons of each.
You can contact me via my Trulia profile or call 1-888-284-2056
You may want to consider a short sale. I would be more than happy to speak with you about this possibility. As the previous answer states, you do not want to just let this foreclose.
Yours in Success,
I would never just let a property go, the bank will surely come after you. There are many options available to you, please give me a call and I can go over some of them with you so you are educated before you make any bold moves.