Thanks for your question and good afternoon.
Generally given the two mortgages and the amount underwater it appears that a bankruptcy filing to discharge any debts may be your only option.Since you have two mortgages a deed in lieu would not appear to be a viable option.I would suggest you consider consulting with a local bankruptcy lawyer to go over this as an option to resolve the notes involved and allow you to start over.
You can locate a bankruptcy lawyer here
This would allow you to plan for filing and maximize your rights as a debtor.
The other lesser options here like a short sale or deed in lieu likely would not work for you here.
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