The other answers are correct, but inasmuch as there are some circumstances where you might have issues, and inasmuch as you may not have answered all of the "what-ifs", let's put a little more meat on those bones. In the State of Nevada, if the loan was taken out in order to finance the house and not just pulling equity from the home, the Bank (on a first mortgage) has 6 months in which to initiate pursuit of a deficiency judgment against you. If you pulled equity out, OR you had a second on the home, those banks have 6 years to initiate pursuit of a deficiency. If your mortgage situation falls within the former description, you are out of the woods. If your situation fits in the second category, you are still in the woods as it were. If a deficiency Judgment was granted, you are going to have to respond to the judgment before you can close. If you have no equity in your current property, there shouldn't be a problem in closing.
However, unless AND until a judgment is sought AND granted, you have the right to sell anything you own including your current home without repercussions or obligation to the deficiency on the foreclosed property.
(So, here is the disclaimer) As with all advise, you are also advised to seek the counsel of a competent Real Estate Attorney.
Best of luck and thanks for reading.