It much depends on the type of loan you have if they can pursue you. Arizona is a Anti Deficiency state, which in short means that if you have a purchase money mortgage the lender have no recourse. But like I said, it much depends on the loan and also on the type of property.
A potential tax complication that it sounds like would affect you since this does not sound like it is your primary residence is that you will have to pay taxes on the forgiven portion of the debt. All lenders will issue a 1099 for the forgiven portion of the debt, weather they will pursue you or not.
You do need to consult a real estate attorney and a CPA to have these questions answered, it is well worth the money. You can visit my website for further information about deficiency and tax complications.... more
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As long as you are not planning to pay a commission to any unlicensed party, it 'sounds' like you are simply FSBOing the property.
I'd suggest that you contact a real estate attorney, however--to inform you what you should do to reduce liability and risk.
Contact one of our great local title companies and ask them for local resources.
I personally would NOT sell my own property.
I want 'someone' in between me and a buyer to provide a bit of a 'comfort zone'. :)... more