Can the borrower be entitled to anything after a foreclosure?
The foreclosure process starts with the Notice of Default.
After you miss the 4th consecutive monthly mortgage payment, this notice is issued, after which there's usually 2-3 months to stop the foreclosure process.
Yes, you can still owe debt on it if the money is not recovered.
If you have any questions, you can consult an expert. He/she can answer your queries and you'll be able to decide whether or not it's right option for you.
You'll be responsible for the unpaid after foreclosure. This is called deficiency. Lenders can file a lawsuit against you to recover the amount. If you owe $300,000 on your mortgage and your home gets sold at $200,000, then the lender can obtain judgment for the deficiency. You still owe $100,000 to the lender.