Legal Question in Real Estate Law in California

As to the Nevada properties you want to walk away from, you are going to have to contact an attorney in Nevada to discuss the ramifications of doing so, as it is governed by Nevada law, not California law. I can, however, tell you that Nevada is what is referred to as a "deficiency" state, meaning that the bank can sue you after a foreclosure for any remaining, unpaid amount due on the mortgage (what they don't recover from the property). Again, you need to contact a Nevada attorney to discuss this matter.

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I agree with Mr. Gibbs that you are going to have to consult an attorney familiar with Nevada law. I know that their foreclosure law is very different from California's law.

Another question that I would have for you with respect to the California property was whether the properties are multiple security for one debt, or security for three different notes.

Sue you for any loss / deficiency upon foreclosure, and seek to collect their judgment from any assets you have anywhere.

Walking away from the Nevada properties is not your best strategy for the reasons given, and letting the California properties go into default could have the effect of being a default on the Nevada properties if the loan agreements are "cross-collateralized" or "cross-defaulted," which is a good possibility since you refinanced at the same time with the same lender. You might consider a Ch. 13 bankruptcy as a way to sort out your affairs without losing everything.