here the article makes a distinction between a short sale and an upside down sale. This seems to expand on the concept of what upside down is technically, but it does agree with the lose definition I recently gave.
Of course the definitions do not really matter to the homeowner.
The important questions are - do they have to come up with cash to close, do they have to worry about being sued by the bank for a deficiency or do they have to worry about a higher tax bill from the IRS.
PoughkeepsieJournal.com - Avoid foreclosure's black eye by going with a 'short sale'