Short sale vs. foreclosure auction
What's the difference?
A short sale is a sale by you, approved by the lender, for less than the amount owed. A foreclosure auction is a sale by the trustee on the first Tuesday. With a short sale you have more say over the timing and the buyer.
Can a short sale affect a deficiency?
Possibly. Whether the lender waives any remaining balance depends on the approval terms, so read them carefully and ask an attorney or tax professional.
Educational information only. Not legal advice, and no outcome is promised. Laws change, so consult a licensed Texas attorney or HUD-approved housing counselor.