Foreclosure Implications for Settlement of Credit Card Accounts?

Here's the scenario: my 1st and 2nd Mortgage balances are well in excess of the value of my home and I am facing the possibility of walking away from my Mortgages and forcing Foreclosure. At the same time, I have several Credit Card accounts that are in Collections. Now here's the question: what implications does Foreclosure have, if any, on the Credit Card Collections accounts? In other words, from the standpoint of negotiating settlement of the Credit Card account, can I use this negative equity and possible Foreclosure scenario to my advantage when trying to settle the Credit Card accounts?