Short sale on old house after buying new?I posted this in another area of this site, and now realize this is probably the better forum to post it in. My apologies for the duplicate, but I couldn't figure out how to change the category.First off, we are not one of those 'buy and bail' stories that everyone talks about. We had to relocate because of my husband's job 6 months ago. We were able to qualify to buy another home in our new city - we actually downsized - and although we knew it would be tight, we figured we could get by until the old house sold. We've continually been told the price on our old house was too high, so we've been doing price reductions. Still nothing. I lost my job last month due to circumstances beyond my control. We can no longer afford both mortgages. Will we be able to do a short-sale on our old house, and will it affect our new home?A few more details: We have a 1st mortgage on the old house and a HELOC. We believe we will be able to sell for enough to cover the 1st, just not the 2nd. We are more than willing to live up to our obligation to continue paying on our HELOC. Will they work this out with us? It is w/ PNC Bank, which I've hear they are diffictult to work with. I know a short sale is no walk in the park, and I know it will be a long hard road. I am prepared for that, and the hit we will take on our credit because of it. I am thankful that we are in a new home already because of that. But are there repercussions that I am not thinking of? I just don't want to lose our new house because of the old house.May 18 2011 - US00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.