There is a price to pay.
Generally a purchase loan is non recourse debt.
The property is security for the loan, without recourse.

If you have refinanced, whether you took out cash OR NOT, it is usually recourse debt.
You can get a deficiency judgment for what the lender loses, which is worse than a short sale and getting a 1099.
With a 1099 you only owe income tax on the amount.

With a DJ, you could owe the entire amount.

A foreclosure will be on credit report for 7 years, and score will get whacked.