Unfortunately yes in some situations. If you have a 2nd loan that is an equity line or you have refinanced to pay debt or remodel the lender may have the option of coming after you after a foreclosure. This is why you should talk to a professional who can help you avoid this situation. When we get an approval on our short sale this is taken care of first.

Short sales should be called long sales. The average timeframe from list date to close is 6 months. We just closed two today and both were 7 months. Our long has been 9 months with the quickest 35 days. Lenders have been trying to shorten this with little effect.