foreclosure advice

[gto66man]

What is the name of your state (only U.S. law)?
What is the name of your state (only U.S. law)?
I live in California and I own a home in the Sacramento area.
The first is 158000 and the second is about 52000.
The first was used to buy the home and the second was used to pay of credit cards used for the remodel and consolidate debt.
I have been offered a job in the southern California area and I need to move down there by the end of the year.
I am very upside down on the home in Sacramento; Fare Market Value is between 80000-110000. I would be impossible for me to sell it in the current housing market regardless and I could only rent it for about 1000 a month, at a 550 dollar a month cost (1550 per month for 1st, 2nd, tax, ins, and utilities - 1000 rent). In an optimistic timeframe the value might recover to cover the 1st and the 2nd in 5-6 years, with no investment gain.
We are contemplating foreclosing on the house in Sacramento after getting a place in the new area but I am not sure what the legal ramifications are. We are willing to take the credit hit and from what I have read regarding the tax laws we shouldn’t be taxed on the gains of the write off.
Can they come after the second house?
What is the probability of the second, resource loan, trying to recover the lost amount through deficiency judgment?
I never imagined the possibility of having to pass up on a better job because of this housing mess!
Any help will be much appreciated!