I bought home at 2003 in 2005 took equity from this home and bought two another homes. Now I have big problem I could not sale these homes and don't have more power to pay mortgages. Price goes down and is much less than I have paid for these homes. I would like leave for my old home which I bought at 2003. What is better fit for me? How I can leave for me my old home? If bankruptcy what I will be pay and what not?

Just keep in mind that in a short sale, the amount of the loan that is forgiven is taxable. For instance, if you 100K and negotiate a short sale for say 75K, the IRS sees the 25K as taxable.