I signed on a mortgage with my ex-wife to help her out. Stupid me. She let the property get foreclosed. Now, my new home is having the rates adjust to ridiculous amounts and I can't get anybody to refinance despite a great credit history except for the foreclosure showing up. I can't get a 100% loan anymore. I am about ready to give up and just foreclose. My questions are: What happens with the second mortgage since I am sure they will not get enough to pay them off? Can I try to sell the house, but not get enough to pay off the second mortgage? And, will I owe taxes if the whole first mortgage amount gets paid off? Thank you