If I let the bank foreclose would they come after me for the difference or should I file bankruptcy?

Question: If I let the bank foreclose would they come after me for the difference or should I file bankruptcy? Question Detail: Tried to get modification, they added 15.6 years, $24K+, lowered % by .875 making it 5% and deferred 85K+ to end of the mortgage (40 years) plus they didn't lower or get rid of my equity line. My home appraises for 228,000 but I owe 285,000+ and equity line 50,000= $335,000 plus fees. They are fixing to add to my equity line. 40 year mortgage and I retire in 15 years. *- If you're that under water with your home, I'd surrender it in bankruptcy if you want, or let them foreclose and file bankruptcy AFTER the deficiency judgment is entered so the def. judgment then becomes a Schedule F unsecured, non priority creditor claim. Do you have any other creditor issues that would warrant you filing bankruptcy? If so, then maybe filing is in your best interest.