There are a couple of factors that would come into play here including: do you have reserve funds and what is the amount of these reserve funds, are you already behind on your payments and if so how far behind, what type of loan is this a purchase money loan or a home equity line of credit, etc. That said, how the deficiency will be handled is part of the short sale negotiations. You clearly have a justifiable hardship given the job loss and your efforts to rent the home demonstrate to the bank you've attempted to do the responsible thing. It also appears as though the property is located in the Galloway area based on the location included in your profile and this is an area that's been hard hit and seen values tumble in recent years. We specialize in short sales and I'd be happy to discuss your situation with you further. I'd invite you to give me a call or send me an email. You may also visit our site using the link below for additional information on short sales and the general process.
Better Homes and Gardens Realty