Foreclosure legal questions....

I currently live in California and own a one bedroom condo. Due to my recent divorce and the dramatic increase in my adjustable rate, I am now unable to make my mortgage payments. I have tried to sell the unit for over two years with no interest to date. I have mailed in a "workout package" to my lender and now find it impossible to reach anyone over the phone to discuss the paperwork or any potential loss mitigation. I am current on all bills, however, the rate increase will be reflected in this months bill and I will be unable to make the payment. I did not put any money down on the property, the market has plumeted in my area, and I have no interest in riding this out until it recovers.

My questions are primarily about what happens in the following situation:

I stop making payments, move from the property and allow the mortgator to foreclose on the property.

(1) Once the property has been sold in foreclosure, can I be held responsible for the difference between the original loan amount and the selling price? (e.g. loan amount $300,000 and selling price $250,000) Can the mortgage company sue me for the $50,000? If so, how can I protect myself?

(2) Once the property has been sold in foreclosure, will I have to pay the tax on the difference between the original loan amount and the selling price? If so, How can I protect myself?

(3) How long will a foreclosure affect your credit score in CA?

Thank you so much for all of your help!!!!!