Short Sale

[jerrysons65]

Can the 2nd lien holder come after my assets or seek to recover funds after a short sale? Can I protect myself if my assets are in my wifes name?

What if the property goes into foreclossure? How can I protect myself?

 

[Duranie]

if the property goes into foreclosure then generally the first lein holder sells the house for what they can. Normally the lien holders cannot come after you for the additonial money but this might be state specific. Also the second lienholder needs to agree to the short sale, you just cannot eliminate them.