Your state (like most states) allows deficiency judgments. You are liable for the difference (after paying costs of sale) between the remaining principal balance and the proceeds of sale, with the following caveat: they cannot deliberately sell it for an artificially low price and charge you for the balance, but instead must make reasonable efforts to get a fair price for it. If they try to charge you more than you are willing to pay and they end up suing you, as a defense, you could raise that they did not make reasonable efforts to "mitigate damages," or reduce/minimize what they are owed; if you could show that they should have been able to sell it for more, you could reduce what you owe.