Yes, if the debt was not negotiated and there was no stipulation stating a full release of the debt than the lender can file to get a deficency judgment against the borrower. Once they get the deficiency order then the lender can either try to collect directly or sell to a collection agency to attempt to collect and place liens on property and garnish wages, etc. I think in Florida your statute of limitations is 10 years. This is why it's so important for Realtors to negotiate debt with the lender before the short sale is closed. Also, Realtors have to negotiate Credit as well. If the credit reads "shortsale/foreclosure" vs. "shortsale-settled as agreed" the borrower might come back to the Realtor and state that the Realtor did not property negotiate a short sale and go after the E&O insurance. It's so important that Realtors negotiate both the "debt" and the "credit" for the borrowers. Even though you are helping the borrowers, you want to protect yourself by getting the releases from the lender. Good luck!