Can a short sale on a principal residence secured by a recourse loan result in a deficiency judgement?

a. No, because the lender agreed to accept the sales price of the home.

b. Yes, if the fair market value is more than the outstanding loan balance.

c. No, because the lender agreed to reduce the outstanding mortgage on the home, which the borrower sold.

d. Yes, if the fair market value is less than the outstanding loan balance.