As far as i know a lot of times the Morgage compnay won't come after you for the extra 80K. If they do there could be a much higher chance of you filling for Bankruptcy and then they get nothing and end up eating all their legal fees because of it. Now this would be an exception if you owned multiple houses, or had enough to cover the $80,000 in assets that you owned. I think after the forcloser that they have up to 2 years to file a claim against you to reap the benifits.
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