If I buy a 2nd house in another state and let my house in IN foreclose, can the bank come after the new house I just bought?

If I buy a 2nd house in another state and let my house in IN foreclose, can the bank come after the new house I just bought?

I own a house in IN that I can’t seem to sell or rent and I had to move to another state for work. I want to get rid of that house in IN and buy another in the state I’m living in now but I don’t know what the bank will do. I’m not upside down on the mortgage yet, I just don’t want the house anymore. Is a deed in lieu the way to go? Will that destroy my credit? If I buy a new house in a new state can the bank come after that house for any reason. What are my options? Please help!

Asked on June 10, 2009 under Real Estate Law, Indiana

Answers:

---

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.