When you use a short sale as a means of foreclosure protection
, you'll work out a realistic price for the home and all of the proceeds from that sale go directly into your mortgage. What's left over is called the deficiency. There may be other lenders who have a lien on your home. This will have to be dealt with by the first in line lender or by your short sale company or you. In any case, this option does allow you to avoid the hassles and negative impacts of being foreclosed upon and allows you to walk away.