Legal Question in Real Estate Law in California

Don't be so quick to give away your properties. A reorganization plan in bankruptcy can often allow you to have the court reduce the principal and interest payments on your income properties. Depending on the total amount of your assets and debts you would file under Chapter 13, or possibly Chapter 11. The state where you reside will determine which federal bankruptcy court you would be required to file in. Filing for bankruptcy protection will instantly stop all foreclosures.

You are probably having vacancy and market-rate problems, with cash flow well below your business plan. Review any possibilities you may have for increasing rents and available cash flow in the near future. That would be required in carrying out a Ch. 13 (or 11) and a good review of your business plan might turn up other alternatives.

On 'recourse' loans such as yours, the bank[s] can sue for any 'deficiency' after foreclosure sale, then seek to collect on any of your assets. Filing bankruptcy will immediately but only temporarily stop all litigation and collection activity, but that does not mean you simply walk away debt free. Current bankruptcy rules require a Plan for repayment of creditors, to the extent the court determines you have that ability. Remember, ALL your assets are turned over to the bankruptcy court when you file. Consult with bankruptcy counsel before deciding what to do.

You posted this before. I told you to repost in Nevada to determine the Nevada's law. That answer has not changed simply because you reposted.