After losing my job over a year ago, my bank approved a short sale on a property I am not occupying. A year later, they have decided to reve...

Question

After losing my job over a year ago, my bank approved a short sale on a property I am not occupying. A year later, they have decided to reverse their decision and will not approve a short sale. Now I am reemployed, but a year behind on payments. Seeing as my credit is already shot, I'm trying to determine what other consequences could follow if I allow the foreclosure. What can the bank come after me for? Are there tax implications? I own other properties that pay for themselves with renters (one of which is homesteaded) - will they be at risk?

Thanks

Answer

If they obtain a money judgment, your assets are at risk.