PLEASE DON'T WALK AWAY FROM YOUR HOME!!
Have you considered a short sale? A short sale is an agreement with the bank that allows you to sell your home for less than the balance of the loan. A short sale is by far better to have on record than a foreclosure. There could be repercussions with the home in a foreclosure situation beings the lien holder has the right to come back to you for the difference of what it eventually does sell for.
Please talk to a Realtor who has extensive experience in the area of short sales and foreclosures.
I am happy to answer any further questions you may have as I specialize in short sales. You do have options available, do not run from the home!!