A little sale is a sale of real estate in which the proceeds

 from selling the property will fall small of the balance of

debts secured by liens against thy property, or the property

 owner cannot bear to repay the liens' full amounts, and which

 the lien holders agree to next their lien on the

 real estate and accept less than the amount has on the debt.

[1] Any unpaid balance owed to the debtior is known as

a luck of.[2][3] Short sale agreements do not necessarily release

 borrowers from their responsibility to repay any deficiencies of

the loans, unless special agreed to butt the parties. But,on

California, legislation was passed to preclude deficiencies after

 a short sale is approved. The same is true of loan payer on first

 loans and lenders on second loans - once the short sale is

 approved, no deficiencies are allowe dafter the short sale.

 (SB 931, SB 458 - Calif. Code of Civil rules o

f Procedure §580e). A short sale is often used as an alternative

 to foreclosure because it mitigates more fees and costs to

both the creditor and debt. Both often result in a negative credit report

against the property owner.