Now with this all said, It should be explained that REALTORS are not licensed attorneys and are thus not allowed to give legal advice. That is why it is important to work with a professional agent that knows when to have you bring in a licensed attorney or whose firm has a licensed attorney available.
Bill M Godwin
It will definitely damage your credit if it forecloses. Foreclosures used to clear off credit reports in 7 years, but I've heard that it may now show for 10. Either way, it will definitely affect your ability to get new credit, including refinancing.
I doubt that the bank will come after you, but you could check with Legal Aid Society http://www.lasoc.com/ContentDetail.aspx?Id=14&ContentTyp
Or the California Consumer Home Mortgage site :