Possibly. Once the bank forecloses on your property and sells it, the bank will still have the right to collect any balance remaining on your note if the sale price of the property at foreclosure wasn’t enough to satisfy the balance on the note. However, if you have obtained a discharge in bankruptcy, that will also discharge any liability you have for any deficiency on your note following foreclosure and sale of your property. In addition, if you offer the bank a deed in lieu of foreclosure, you will not owe any money if the deed states that it completely satisfies your outstanding debt, even if the bank only manages to sell the property for less than what you owe.