I am upside down on 1st and 2nd mortages in AZ. If I forclose will either lender be able to go after my land in New Mexico?

Please note that I am not licensed to practice law in Arizona or New Mexico, I am licensed in Minnesota. Also, please note that an attorney-client relationship will not be formed by this answer. Rather, I am providing some thoughts on the issues generally, based on my experience and the facts described in the question. Also, it seems that there is a typographical error in your question, in that it states "If I foreclose", even though the other facts mentioned in the question seem to indicate that you are the borrower, not the lender. So I am providing this answer on that basis, i.e., that you are the borrower and would be foreclosed upon. Without knowing more facts (such as the provisions of the loan documents and the form of ownership of the real estate) or looking into applicable law, the lenders on the 1st and 2nd mortgages could pursue recourse against your other assets (such as your New Mexico land) if their mortgages are not satisfied by the foreclosure sale proceeds, and assuming that the loans secured by those mortgages are "full recourse" loans, and assuming that the foreclosure method is one that would allow the lenders to preserve a deficiency judgment (which the lenders could then take and get a lien on other assets you own). I am also assuming that you own these properties personally. If the properties are owned through entities (such as a limited liability companies or partnerships), then this would not necessarily be the case. That is why people often own investment property through entities, rather than personally.