Can they take my other assets after foreclosure?

[contentedcorner]

What is the name of your state? VA & FL
Here is our "pickle": We owe, via a first mortgage and a HELOC, $130,000 morethan our house's current market value (this is a house we purchased with 100% financing in Broward County, FL in late 2004). We have earnestly tried to sell it for the last 22 months in FL, and even had a contract last summer that fell through bc the buyer's bank pulled out at the start of the subprime market collapse. Anyway, my husband's company has laid off 75% of their staff this year, and we are waiting for them to close down the company any day now. Meanwhile, we own a home in VA that has a renter in it but will soon be vacant. We imagine we will make it our primary residence in July or August.
SO, the conflict: since we can't arrange a short sale with the first lender (we can't prove hardship even though my husband's job is almost done) and there wouldn't be any proceeds at all for the second lender anyway, we have been advised by a real estate attorney in FL to let them foreclose on our FL residence, although that is definately a last resort measure for us, who have guarded our credit intensely for years and have honored all of our contracts.
The Question:What can the 1st and 2nd lenders come after us for? our Savings accounts? Our cars (they are paid off)? Our home in Virginia? Our retirement funds? Can they follow us to another state, either VA or another one should we get a job offer say in Tennesee?
Finally: We have every intention of continuing to pay off the principal on the loans even after we get foreclosed on, even if the payments are low, even if it takes 50 years -- we gave our word when we signed the contract. Thanks for any advice you have.

[FlyingRon]

I believe both FL and VA can pursue deficiency judgments against you and try to sieze other assets.

Actually, once foreclosed. you only owe the difference between the sales price and what you owed (principal plus any unpaid interest and legal fees).

The primary residence at the time (especially in Virigina I know) is hard to attach. So is a retirement. Other things are fair game.

[contentedcorner]

Hello, Ron.
That is very helpful; thank-you.
Do you know if the second mortgager (Wachovia), who will be out $95K, will be able to garnish wages?
Or if they can go after the property we own adjacent to our Virginia house -- it is not on our mortgage, we own it outright.
Finally, if we own our cars outright, can they take them?(they're both older and not worth too much). Someone counseled us to get leased cars instead, so that they wouldn't be at risk...is this correct?

btw, what is your background; are you an attorney? It is very kind of you to assist folks on the www this way.