Scott is right. It is actually better to try to communicate wit the bank. In Nevada we are considered a judicial state so technically the bank can go after the difference of what the home sells for and what you owe the bank.
Also, foreclosing right now is such a bad idea. If you ever want to buy another home obtaining a govenrment backed loan will take you 5-7 years to obtain again. And at the risk of sounding like a therapist; right now you probably don't want to think about buying another home but in 5 years things will change as will your needs etc.. Just think about it.
Why don't you try to list the property as a short sale? This will help ease the pain of the credit hit and you should be able to obtain a government backed loan within 2-5 years. Just my two cents.
So, keep paying your mortgage on your second home and it will remain yours. Keep in mind it will be extremely difficult to refinance as well. If you want a list of alternatives to foreclosure I can e-mila the information to you.
Of course, you should always speak with a tax advisor and/or an attorney for legal or financial issues that can affect you.
A short sale is a great idea if your property is in or heading towards the foreclosure process. I actually specialize in short sales and will be happy to discuss all the specifics with you if you contact me. All of my listings are short sales. I have also been very successful closing my short sales and getting them approved in a timely manner. I would negotiate with the bank on your behalf and get them to release the lien from your name without them trying to collect any amount for deficiency. Please consider call me to discuss your options. I look forward to hearing from you. Have a great day!
Short Sale Specialist
Prudential Americana Group