Foreclose on my rental property?

Hi all,

I'm having trouble with my rental duplex (in PA). I can't sell it for more than a third of the current mortgage (market value has declined), and both tenants moved out and left the place a mess.

Between the costs to fix it up, and paying the mortgage as it goes unrented, AND not being able to sell it for better than a $30,000 loss, I'm considering letting it go into foreclosure.

Can anyone provide information as to what this would mean on an every-day basis?
Would I still be responsible for the balance of the mortgage?
The mortgage payments include mortgage insurance - what does that do?
Thanks,
Charlie

here is what i have when i was asking the same question a few months back:

The bank can sue you for the remaining balance owed if you sell your home in a short sale or the foreclosure proceeds aren't enough to cover the loan balances. For example, if you have a first loan for $100,000 and a second loan for $75,000 and your home sells for $150,000, the second lender can request a deficiency judgment requiring you to pay the remaining $25,000. Laws governing deficiency judgments vary by state.