I'm sorry for your situation. You need more advice than we can offer here, but I can at least point you in the right direction.
First, rather than allow the bank to foreclose, consider a short sale. Find an agent in the area that has a great track record of getting short sales closed. A short sale is where the lender writes off the difference between what is owed and what it sells for, under ideal circumstances. There is more to know, so investigate this further.
Next, if your lenders foreclose, the general rule for the first lender has to accept the property as payment in full, although your credit will be affected. Second lenders may pursue you for a deficiency for either a foreclosure or short sale, depending on the note you signed when you took the loans. Collect the paperwork from that purchase, review it and consider having a Colorado Attorney review it for you.
I believe your other properties will be secure, but in the worst case scenario a lender with a deficiency judgment could pursue other collection methods including garnishment of wages, but I believe this is rare and potentially avoidable.
Laws vary in different states, so youâ€™ll need an attorney in Colorado, where the property is located to give you the best advice. If you need a referral to a short sale agent, feel free to contact me. I may be able to recommend someone for you. Best of luck and Iâ€™m very sorry for your circumstances.