Mortgage deficiency (1st & 2nd) Florida

My home is in Florida. I am considering the withholding of payment on my 1st (and recently acquired 2nd) mortgages on my home. I am considering this with the goal of being relieved of the payments (as well as the property)... foreclosed upon. Except for this, I have a good credit rating and good cash flow... I just want a smaller home. 1st Mortgage =$240K, 2nd Mortgage = $70K, Home value ~$340K. I know I could try and sell, but would rather not bother. Question is: If I allow foreclosure (without any sort of bankruptcy), can either the 1st or 2nd mortgage holder seek satisfaction of any mortgage deficiency?

If they can seek satisfaction, how "bad off" do I have to be financially in order to qualify for Chapter 7 Bankruptcy?

Your not telling the entire truth because no one in their right mind would opt for foreclosure when selling and satisfying their obligation is a viable option. You will get no advice here for your silliness.