Effects of foreclosure

Profile picture for Waffi
I have a 4 unit rental property and the units are either empty, not paying or in the process of moving out. I currently not behind on payment, but i can't continue to pay the mortgage out of pocket for much longer. I'm considering walking away from the home, and want to find out if what will happen.

- Can the bank come after me to pay for the loan?
- Will the bank gift me the loss on the property, which means i have to pay taxes on the loss?

Basically, besides ruining my credit, and the emotional stress. What else am i looking at?
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September 19 2011 - Nashua
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