Open Question: need in depth help with my foreclosure?

My wife and i are currently going through fc. We were told that we shouldnt pay the mortage companies if we cant afford. WE DO NOT WANT TO STAY IN OUR PALCE EITHER WAY. THERE FOR WE DONT WANT TO TRY TO WORK OUT A PAYMENT OPTION. The problem is that the the palce was refinaced at the beginning of our stay. So we have been told told that a short sale was not possible. we owe the 1st and the 2nd + property taxes. For the time being we have bewen banking the money and up to now plan on just leaving the place. Surley there are going to be consequences for the 2 of us. We are only 25 and we unfortunitly put in this situation because a family member didnt follow through on his end to help us pay. What could we do? we are so frustrated at the situation. 1 person tells us that we shouldnt pay and the other says we should. the lastest note says "NOTICE OF DEFAULT AND ELECTION TO SELL UNDER DEED OF TRUST" Would it do anything to try at this point. We are not interested in making money off this