Short selling an investment propertyI own a condo that I converted to a rental property appx 18 months ago when my wife and I bought a house.The monthly rent I collect is just enough to pay the mortgage, so I'm losing appx $1300/M between HOA,Taxes, Depreciation on the property.Because of this negative cash flow, I'm looking to sell the property on a short sale as its only worth about $225K while my outstanding balance on the place is $265K.I've already talked to my CPA and I'm confident from a tax perspective that I should not be in too bad of shape because I've already booked a substantial amount of passive losses against the property.What I'm concerned about is that my mortgage on my primary residence is with the same bank as my investment property that I'm looking to try and set up a short sale with. My wife and I also do our banking with this bank.Could the bank try and come after my primary residence to get the amount forgiven on the short sale? Could they take the money out of my checking/savings/IRA accounts?I'm trying to determine if it would behoove me to move my primary mortgage and banking to another institution to help give me leverage in negotiating a short sale as well as protecting my assets from the bank. March 06 2010 - Alamitos Heights0YesReport 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.