Giving the house back to the bank

Posted by B on August 23, 2008 at 16:05:22:

My now ex girlfiend and I bought a house in Washington state 3 years ago. I am moving out of the area and she is unable to assume sole financial responsibility for the house. We are considering either short selling or sending the deed back to the bank.
What are our chances of getting a short sell agreement from the lender if we are not in default of payments?
Giving the deed back is the option we are more in favor of. Other than 7 years of bad credit, are there any other ramifications to sending in the keys? For example, can the lender come after us for the difference between our loan and what they sell the property for?

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