For off let me let you know that you are not alone in this process. There are many homeowners in the same situation as you are. If you can makeup the shortfall the bank does not need to be involved as you will come to closing with the amount that does not pay off the mortgage. If you are unable to make up this shortfall the home will need to be sold as a short sale but you will need to show financial distress to qualify.
25920 Newcombe Circle, Leesburg, FL 34748 sold for $113,500.