Ramifications of walking away from mortgage?

I’ll try to keep this brief. In march 2009 we purchased close to an undesirable neighborhood because it had the lowest taxes around ($2900) close to the area we wanted to be. We were business owners and had to file chapter 7 immediately after purchasing the home due to creditors placing items under our names instead of the business. Shortly after we purchased, they announce that the property taxes were going up – and they did to $8000 – a dramatic increase. We decided to suck it up and stay due regardless of our payment going from $2000 to $3000 (due to escrow) and simply cut back expenses, sold one car, reduced cable tv etc. Then in 2010, they announce the taxes were going up again, and they did, my taxes are now 10,800.. and the news says they are trying to raise them 79% (google - newburgh NY property tax increase). This is out of control. I make good money, but we basically do not have nothing left every month after the house payments and such. The market is so crappy, that I could not eve sell the house for what I paid for it and cover the realtor fee.. I would have to come up with $20K or so out of pocket, which I don’t have, we are living paycheck to paycheck after the escrow changed. No vacations, no dinners out, no nothing.

We would like to ‘walk away’ and move in to a rental house (which we can get for $1200 to $1300 decent size) and save money. We don’t mind not having a house for a few years so we can save again. My question is, if I start saving and they see $40-$60K in the bank in a year or two, will the bank come after us? We cant file bankruptcy again because I am now employed (was not when I filed) and make good money. And I’ve already filed in 2009. My scores stay surprisingly good, 660 mid, which kinda shocked me.

My intention is to stop paying the mortgage, stay in the house and save the payments, until I have to go, then go rent. How bad is this? What can this do to me lol? Will they come after me with a flurry of attorneys?

Thanks,
L