If my property gets foreclosed upon and the sale price is higher than what I owe, what happens?

Basically, I want to know what will happen to the rest of the equity built up in the property if the bank forecloses and sells. I purchased the property for $850,000 ( I owe $825,000 on it) after many improvements, it was appraised earlier this year at $1.25 million but I am guessing it will most likely sell for $1.1 million now. What happens now that I can no longer make the payments?