What Are My Options for Getting Away from My Current Home Loan + HELOC

[davegonz32]

My question involves a foreclosure in the State of: California

I have a mortgage of $291K and a HELOC of $56.6K (different lenders) and the property is worth around $168.5K. My wife recently lost her job and in theory we could make payments for a couple months to stay current but we would eventually not be able to afford payments.
My thought was that I would stop making payments to save some money for an eventual move to a rental and see what my options are with my lenders. I've heard that if my mortgage lender forcloses that the HELOC lender can still come after me for the HELOC balance; is this true? Any advice on what I can do?

[acip4u]

Please read this it might help!
http://www.irs.gov/individuals/artic...179414,00.html