#3 is the practical option.
However, #2 is the ethical option.
Keep in mind that the bank will have to foreclose regardless of any of your options.
If you chose the first 2 options, will you be able to work out a deal with the bank to cap off the maximum amount of your deficiency if you surrender the property back to them and thus they avoid the legal expense of foreclose in order to get possession?
I believe that in FL the banks can legally come after you and your assets for the deficiency. Better to get it "settled" with the bank rather than have them haunt you for years, especially since you do make a good salary and thus make a good target for the bank to go after.
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