Before considering such a scenario, in order to best protect yourself and any other assets you may have, it's in your best interest to consult with an attorney who specializes in real estate--he/she can best advise as it relates to your specific situation....rather than foreclosing, is a short sale an option...... more
You need to be pro-active in this. You'll need to find out the current market values for each property, an idea of your income vs. your mortgage & associated bills and the current balances on any outstanding mortgages. You should probably consult a trusted attorney for the specific remedies available to you in your position. You'll probably also have to do as much belt-tightening as you can, perhaps you can rent out your other properties if allowed. There is one level of assistance for primary residence mortgage assisance/short sale workouts and quite another for investment/vacation properties. You'll need to find the most experienced advice specific to your situation. Ask friends, family, colleagues for a real estate attorney they've worked with recently at the very least they can refer you to someone who has extensive knowledge & experience.