short sale or foreclosure

[SuzieQ]

hi,I need help on deciding on what to do with my investment property, I cannot afford it anymore bec im upside down i have 3 mortgage on this property first loan at cw (neg arm), heloc at cw and another line of credit at WAmu.i currently have a tenant on the proprty and their lease ends on nov.i was nt able to pay the property tax .cause last year was a tough year for us 2 family member passed. and my renter left so for almost 3 months i have to pay the mortgage,insurance, homeowner etc..my question is if i shortsale the house do i still need to pay the IRS and will the WAMU go after us to pay the 2nd. nd if i foreclose it what are the consequence when can i start the process bec of my tenant due lease on Nov. Do you think i need an atty for my situation.by the way,the rent is not enough to cover the bill,im paying out of pocket the homeoeners,insurance and the heloc at wamu thats why its cannot afford to keep the house anymore.I was so stupid being in this kind of mess.by the way,i borrowed money to use for downpayment for another investment prpty.pls help need your advise.:confused: