Brenda, I am assuming you owe more than you can sell the home, correct? Therefore, the lender has to take a loss in order for you to close this property. Only you and your attorney/professional representative can decide whether or not to continue to pay or not. Yes your credit will be lowered by non-payment, but what's more important- credit score or have money to move on? You are far from alone on this. Most landlords today expect people to have less than 700-650 credit score.
Unless you get into a Home Affordable Foreclosure Alternatives (HAFA) Program, you will receive $0 from the sale. The most they will pay you for moving expenses is up to $3000 if you qualify for a HAFA program. Equator is Bank of America's online process for short-sales. Very cumbersome, and best to use someone who has used their system before. I would suggest interviewing agents who have experience in Short-sales and preferably BOA short-sales. From my experience, as long as the short-sale process is in motion the bank will put the foreclosure on hold.
Always verify all info with reputable and knowledgeable professionals, like attorneys and qualified Realtors. Laws are different in each State. I am very sorry to hear this is happening to many people like yourself.
Best of luck,
Rob Hughes-Long and Foster RE INC.