You certainly could, the baloance plus the expense of the foreclosure. You would be better off to sell it through a short sale where you can negotaite what happens to that shorted amount than just letting it go.
Under the power of sale clause in your mortgage (Read your mortgage papers to see if that clause is there>) The lender must advertise for at least 3 weeks and make diligent efforts to contact you directly before they can
make the sale. After the property is sold, eviction proceedings can begin. Eviction has its own time line that is not concurrent with the forced sale. --
Some banks want to avoid foreclosure and will work with you to mitigate their losses in a process called "forbearance" You may be eligible for a forbearance workout due to your hardship circumstance. Look into it.... more