If let's say for instance you owe $100,000.00 and the house is foreclosed on and only gets $50,000.00 for the sale, then the bank can certainly come after you for the difference. You should check your loan documents and any notices of foreclosure you received from your lender. You can try a short sale prior to foreclosure or a deed in lieu to see if perhaps that can help get you out of any loss by the bank.
Further, try a loan modification if you can qualify. Contact your lender. If you have a hard time, contact the Mississippi Department of Banking and Consumer Finance. http://www.dbcf.state.ms.us/

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