Question for someone who knows nothing about Real Estate.

[Kimberley Mundelius]

I started searching the web in regard to "foreclosure" information. I've been curious about this, because my husband and I were put on a "re-payment" plan last year in 2007 to get our mortgage payment current. At this time, we are current. With the economy in such a spiral downfall, I'm hoping we do in fact stay current. I have a very silly question, and I came here, due to so much knowledge and information on foreclosure, and am hoping someone will respond back to me. I've had this argument a bit with my husband, but he is sure he is correct, and I'm still totally confused. If you are foreclosed on, and the mortgage company takes away your home, do they also come back to you for any balance on the house that they were not able to make up for. I guess what I mean in so many words is once your home is taken away, do you owe the mortgage company anything on it. If they are unable to get the amount your loan is for, are they by law authorized to come back after you for any kind of balance they might have lost in the sale of your home? I'm sure this is probably one of the silliest questions you've probably heard, but I am not in the "Real Estate" business and know nothing about it. Your responses would be deeply appreciated. Thank You.