Underwater and highly motivated seller

[Raphael Cuthbertson]

I know this is a long shot, but I got a call from a gentleman today who lives in California and owns a 6-year old 1200+ sq foot house in Charlotte.  3br/2.5ba.  Has had renters in it from day one.  The last of which was 5 guys, none of whom paid any rent.  The property manager didn't lift a finger to help him either.  They are gone now thankfully.

Current mortgage about $110k, 5 months behind at $737/mo. ARV in the area appears to run between $80-85k for similar sq footage.

He got sick of it all and sent the keys to the bank, telling them he was done.  Of course, the "Love Letters" and other warnings are flooding his mailbox.  

Is there any way to save his 700+ FICO score (and make money too)?

(I reminded him that when I lost my house in California and moved to NC, the bank sued and was going to send repo guys, with the Sherrif's escort, to my home to liquidate my belongings.  I stopped it with a filing for BK, which was denied anyway).