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2 houses in two different states, one will be short sale or foreclosure..will the bank go after my other house?

I have two houses, in two different states, one will be on short sale or foreclose, im still working with the bank, will the bank go after the house that i live in now that's not going to be short sale or foreclose?...

Public Comments

1. Highly doubtful. Banks generally will not seize a primary residence to pay off another debt UNLESS fraud was involved.
2. you asking if they will put a lien on your residence? I don't know why the house that is being foreclosed or short sale, ultimately the bank may(or may not) charge the loss they incur to you as forgiven debt, and you might some time in the future receive a 1099 C which actually represents income to you however, this all depends on the bank handling this loss, how they write it off or try to recoup
3. They could possiblly get a deficiency judgment against you which could be filed as a lien on your property depending on the law in the state where the foreclosed property is and your state of residence. Best to talk to an attorney before you finalize anything so you will more fully understand what you are agreeing to. Once it is over, it is too late to worry about protecting yourself.
4. Wouldn't you, if you could? First, READ THE NOTE! Does your state provide for a DEFICIENCY JUDGMENT or not. If not you are off the hook. If so you may have to file for bankruptcy. You could receive a 1009 from the bank, and have to pay income tax! I believe that there is an federal exclusion on this tax this year and next. If you state provides for a deficiency judgment, expect the bank to domesticate in the other state and file a lien on you other house. Example if you (and only you) purchased the "short sale" house and are on the note, but you and your wife jointly own the other house. It could be different, in Pennsylvania we have some called "tenants by the entireties" that would protect it. Is there any equity in it? Are you living in the other house? Maybe you should. Depending on the state there may be a homestead exemption that would protect some or all you equity in it! (IMMEDIATELY check with a layer - your term of residence might matter)! You can attempt to negotiate with the bank, not to seek a deficiency judgment. After all you are saving them at least $30k, by not making them foreclose! YOU NEED LEGAL HELP NOW !!! Local real estate investment clubs, can help educate you, as too the internet. But, you can not afford to wait. Get legal help now!
5. YES Generally bank won't agree to short sale or deed in lieu of foreclosure when borrower has other property. Is this a first or second mortgage in foreclosure/short sale? If first, they have agreed to be satisfied with the house, nonrecourse. But with second they will definitely want a lien on other house.