Lender Asset searches

[CH in CA]

My husband and I are considering walking away from our upside home. We owe apx. $100,000.00 more than the house is worth. Our first trust deed loan of $660,000 was refinanced shortly after purchase for a lower interest rate, so it is recourse. (no second) We can no longer afford the payments comfortably. My husband is still employed, however at a much less salary. We own another home that we are considering either a) selling or b) moving back to. If we sell we would still like to walk away from this home and rent for apx. 5 years with the proceeds of our sale in the bank. What is the general procedure for lenders when a borrower defaults on a recourse loan? Do they always do an asset search to determine whether the borrower has sufficient assests to complete a judicial foreclosure as opposed to a non-judicial foreclosure? Also, what information is available during an asset search? I thought that all bank account balances and employment information was private information that you had to give permission for access to. Are they able to access all of your bank account balances or verify your salary if they want to?