It depends. Some states are either recourse or non recourse states and some loans have recourse verbage in them. In a recourse state, unless otherwise agreed to at the time of the short sale, the lender can come back at a later date for the amount of the unpaid debt. Especially a 2nd lien.
You need to check the verbage in your mortgage papers regarding the banks recourse options. With short sales, it's possible to be released of the lien but not the debt. It all depends on what is in the mortgage papers and if the short sale is negotiated to be released of the lien and the debt.... more