1st short sale

I am going through first short sale, if i have any assests, will the bank look at these and dimiss my short sale or make me pay the difference? I am with a partner on this home and his wife lost her job and they are unable to make their half of the payment, I on the other hand am the primary borrower without my hubsband on title nor unaware of this, will they try to collect by placing liens on mine and my husband’s home if it were listed as one of my assests would there be bank levy’s imposed on my joint accts? is my credit score in default as of now? all answers greatly appreciated! :-\

Have you tried to ask your Lender(s) for a forbearance yet?
I have been specializing in Short Sales for 10 years and this is what I can share from experience.
First of all it is great that you are trying to do something about the situation, kudos to you.
Most Lender(s) will work with you, remember they really do not want the house, thet want their $.
They will require a “Financial Statement” from you,(among many other supporting docs) and any other “borrowers” on the mortgage. This is usually very detailed about your ENTIRE financial situation, including gross and net income, all outgoing expenses, insurance, assets, paystubs, w-2s, bank accts, rental income, retirement accts etc…
If a person has assets such as other property I’ve seen several things happen… Lender refuses to work with you and wants "full payoff due to asset/income vs. debt ratios.I have seen forced sales on other properties. There must be proof that the outgoing expenses are significantlly greater than the incoming income. They will also require a hardship letter explaining what happened.
If a forbearance is allowed then you MUST make payments on time or they will start the “forclosure clock” ticking on day 1 that the forbearance payment is not made.
Once the Trustee has posted publically and an Auction date has been set, it will go to Auction.
At that point ALL persons on Mortgage will have a “Forclosure” on their credit file for at least 10 years min.
I have seen credit scores plummet 100 points with 2 late payments. Have you checked your credit report recently?
It is probably wise at this point to tell your husband because his credit could very well be at risk because of this.
I am sorry you have to experience this unfortunate situation, but with you seeking help now it just may be your saving grace.
I wish you and your “partners” all the best.