I would advise you seek legal counsel to represent you and answer your legal questions. We are real estate professionals, and can not give legal advice.
That said, a foreclosure is a foreclosure whether on a primary residence or an investment property / second home. A deficiency judgement can still be issued and collected on. If you are upside down and can prove hardship, I advise you work with a professional on a short sale. If you would like the name of someone in your area, I would be happy to provide. Just email me at Derek@DoorToDreams.com, or contact me through my Trulia profile.
Thanks, and best wishes to you.
Derek Bauer, Associate Broker
Real Estate One