For legal questions, it is always best to hire an attorney.
With that being said, I have not generally seen banks coming after people. With that being said, it is my understanding that they legally can. In fact, sometimes with short sales, banks will agree not to pursue any defecits as part of the agreement. Also, take a look at the tax implications, as forgiveness of debt could have tax implications.
I would be happy to discuss your situation further with you to discuss what options are available to you. There have been quite a bit of movement in the market over the last year, and you may be able to sell the and move on without these concerns.
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