A lot will depend on the state you live in. At least in MI, the property taxes become a lean on the property. The city will not come after you for the taxes. However the next person that buys the house will not be able to do so without first paying the property tax.
Depending on your state, the bank can sue you for the difference between what you owe on the house and what they are able to sell it for. However I was told that this is very rare even when it is allowed.
I lost my home through foreclosure in MI in May of 2009 and the bank is definitely legally able to sue us for up to six years after the foreclosure. We get pretty constant phone calls from them and also lots of letters offering to settle for pennies on the dollar. I wouldn't stress about that scenario too much if I were you.
We met with a nonprofit financial councelor when we were facing foreclosure. He was able to answer a lot of questions for us that were very specific to our situation. I believe that HUD also has housing counselors that can help. I highly recommend you do this.
I know how hard this situation can be. The end of 2008 to the middle of 2010 were the hardest times in my life. We lost our home, we bounced around living with different family members, and on and on. All of this right after dd2 was born. But now we are doing better than we ever imagined. The difficulty we faced forced us to really come together and evaluate what we really wanted to do with our lives and where we wanted to be.
Best of luck to you. I wish you strength in this difficult time and the hope of a brighter future after the dust settles.