As discouraging it is to lose your place to foreclosure, borrowers may still be liable for the deficiency amount. It’s the difference of what’s owed on the house loan and what the bank could sell for at an auction. “Deficiency judgments” can come after ex-borrowers at any unexpected time-frame after they have lost their house.
See the rest here:Are You Liable For a Deficiency Judgment After a Short-Sale?