question on a short sale

[paltauf]

Does anybody out there know what will happen if you short sell an investment property with Chase and there is a second mortgage of $45,000.00. with another bank?? Can that second bank come after our primary residence or will we be protected if Chase accepts the short sale?

[HopingtoFind]

In order to short sell a property BOTH loans have to release liens and agree to short sale. Generally what happens when there is a 2nd lien on the property you have to settle with the 2nd in order for short sale to proceed. If 2nd doesn't release lien, short sale will not happen.