alt Hacker NewsDo note that, even if the math works out such that the bank doesn't actually lose money, a short sale remains on your credit history for the subsequent seven years, which makes it very difficult to buy another house during that period. It's not something you want to do if you can avoid it.
I said CAN not will be worth it. Details of your particular situation matter, for some they should hang on while for others the credit hit is too small to matter. You need accountants and lawyers to advise you based on your exactly situation not internet commenters.