Many home owner’s think that their troubles are over once they have succumbed to the foreclosure process, lost their property, and begin working to rebuild their lives.  However, the banks have the right to come back and seek to recover any deficiencies that remain after paying counsel, the court costs and then selling the property.  The deficiency, if any, is the balance remaining after the house has been sold.  Additionally, the risk of exposure to a deficiency judgment occurs in the Short Sale scenario if care is not taken, not just in a foreclosure.

For more on this topic see: Bank can go after other assets in Florida if you default on mortgage