Considering Walking on (2) Rentals in GA

[mbbransc]

Both properties have one lien (WAMU / Chase) and PMI. Both properties are currently rented, though one is about to be vacated. It is in dire need of repair and I simply don't have the money to do it (not to mentioned I've moved to NC). I've been taking a monthly hit on both properties for 4 years while they have steadily depreciated. Since I'm going to have to let the delapidated property go, I think I'm going to go ahead and cut my losses on both and be out of the landlord biz.

My question is, how will PMI play into this? I assume they cover any losses to WAMU/Chase and then they will try to go after any assets I have? How do they find out what I own, bank accts, etc?

Is there a way to accelerate the foreclosure? I know DiL is an option, but I've commonly heard that banks make you sign promissary notes paying the difference between the auction price and the mortgage amt. I'm unwilling to do that since I've already lost all my savings in this venture.

Can they go after retirement accounts?

[babbles]

Hello,
I also have a rental in GA and have since moved to Colorado. Have 3 mortgages attached to the property (277k balance) and zillow says the home is worth 181k. My tenants are moving out and I don't know if it's worth paying for since the 1st is adjustable through EMC/JP Morgan chase whom are horrible! I would like to negotiate/ settle with the 2nd and 3rd to possibly convert those to secured loans so I may sell the property or else I will be forced to stop paying and they can have the property. Is that a possible option, trying to negotiate with 2nd and 3rd to convert to a secure loan?