Newsflash: Foreclosure with one mortgage- does that mean the mortgage is all the bank is looking to get?

I was looking at the foreclosures heading to auction in a couple weeks. There is one that’s currently listed for $550k as a short sale on numerous sites. The foreclosure auction site has a title disclosure that says the house has one mortgage with $59k left on it. The house last sold for $520k.Assuming there are no other liens on the property- would the bank theoretically only be looking for the mortgage amount plus a little extra for foreclosure expenses (maybe $75k?) I’m just trying to figure out how all this works.

Read more at https://www.reddit.com/r/RealEstate/comments/aporgu/foreclosure_with_one_mortgage_does_that_mean_the/?utm_source=ifttt

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