[ibelieve1342000]

Ok, I owe $153,000 on a house I purchased almost 10 years ago. I had to move due to job transfer and because I owe more than its worth I had to rent it out. It is now valued at $89,000. I have $0 to put into this house and the renters have moved out and I can't find other renters. I want to let this house go into foreclosure. I KNOW it will kill my credit but at this point i have no other options. If I can't foreclose I will declare bankrupsy and loose the house anyway. I want to walk away (I know that it will affect my taxes at the end of the year). My question is, I have 2 mortgages on it. The first for $123,000 and the second for $28,000. I understand that the 1st mortgage would take the house and that would leave me with the 2nd mortgage. What happens with that one? Also, we have an escrow acct that pays the property taxes. What happens with that? And the association dues? What happens with those? I am planning on stopping my payments this month as my wages were just cut by $600 a month and I can no longer afford to make payments. I can't do a modification on the loan because its a rental. What happens if I quit paying?