Say you (the bank) paid 50K for the house with signing papers to make a monthly payment to repay that 50K plus interest. It matters little that the house is now worth 25K, you still signed for 50K. The bank is not going to write off 25K just because the value of the house has gone down. They may work with the interest rate to keep from having to forclose but they are not going to be able to work on the pricnipal much if at all. That wasn't their money, that was money that belongs to the depositors.
I don't know all the ends and outs of MN repo laws but they are kinda interesting. You really need to talk to a RE Lawyer. From what little I know of the laws you would have been far better off to have moved out the first month you couldn't make a payment and given the keys to the banker.
Another thing to look at is who paid the taxes and insurance on your place when you couldn't make the payments? Some mortgages include insurance and taxes in the payments. If yours was set up like that your banker paid taxes and insurance even while you were not making payments.
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