First off, most banks won't do anything if you're home is ransacked. If you can't afford to pay your mortgage, the banks knows that getting any compensation for the damage will be like squeezing blood from a stone. That being said, they can. Once a home is foreclosed and you don't take any action to remedy the situation (e.g. bankruptcy, etc.), then the home is the bank's and trashing a foreclosed home is like trashing a vacant property. So, in theory, you could be charged with vandalism or destruction of property. 

According to a survey by Campbell Communications, roughly half of all foreclosed properties are returned to the bank with substantial damage. That is an amazing statistic. Banks know they are fighting a losing battle by pressing charges, so instead of trying to punish bad behavior, they are rewarding good. Banks have initiated a "Cash for Keys" program in which they are offering between $500 and $2000 cash for the return of keys and a clean and undamaged home.