if the bank forecloses on my property, am i still liable for the remaining...

[swpellet]

...debt when the bank sells it? i need to know if it would be better to let my house foreclose, or to just file a bankruptcy. thanks.

[143_virus]

Let's say your house was worth $175,000 when you bought it. And you paid $10,000 downpayment. Then over the years you have brought your mortgage down to $145,000. If the bank then foreclosed your property and sold it for $135,000 you would owe the bank $10,000. If they sold it for $155,000 they would owe you $10,000.

I would look at selling it first. When the bank sells it they do it fast and don't care about getting the best price.