I have a foreclosure question that I will detail below?

I am thinking of letting my house go back to the bank, here is my story. The original purchase price was 149,000, I later tookout a second mortgage of 35,000 to consolodate debt that I had. I purchased this home in 2003 and the home is only worth 125,000 now. I have become very ill and cannot work so keeping this home is out. If I let it go what will be the tax consequences and will the bank come after me for the remainder, the property is in California. Also all other options for me to consider would be great. as for the banks modifying the loan, we all know this is a joke and does not get done. This is not a sad or emotional thing, its just a house, just looking for some ideas.

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