How can I tell if a home foreclosure was written off? 6 Answers as of April 07, 2011

I cosigned on a home loan with my mother and we foreclosed on the home in 2009. She filed chapter 7 bankruptcy 2 years ago. It doesn't show up on my credit report. Can they still come after me for the home? How can I find out if it was written off?

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Mercado & Hartung, PLLC
Mercado & Hartung, PLLC | Christopher J. Mercado
You can check PACER and look at the BK record. Look for a motion to avoid the lien and if it was granted.
Answer Applies to: Washington
Replied: 4/7/2011
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
Sounds like it was a non-recourse loan (meaning they can't come after you for a deficiency). You could call the lender and find out.
Answer Applies to: California
Replied: 4/5/2011
Burnham & Associates
Burnham & Associates | Stephanie K. Burnham
If a foreclosure occurred any time after 2007, it is likely that the debt was written off. The best way to be sure is to see if you receive a 1099 from the mortgage company. When the mortgage company writes off the debt it is considered income and they are required by law to issue a 1099. The mortgage company can still come after you for any shortfall, unless they issue the 1099 or you file for Bankruptcy to discharge the debt.
Answer Applies to: New Hampshire
Replied: 4/5/2011
Gus Johnson Attorney at Law
Gus Johnson Attorney at Law | Gus Johnson
I would expect that lender still has recourse against you as a co-signer.
Answer Applies to: South Dakota
Replied: 4/4/2011
Ferguson & Ferguson
Ferguson & Ferguson | Randy W. Ferguson
If you co-signed they can come after you. The only way to find out is to talk to the mortgage company. Be careful not to stir anything up.
Answer Applies to: Alabama
Replied: 4/4/2011
    Carballo Law Offices
    Carballo Law Offices | Tony E. Carballo
    If there was only one loan on the property and there was a trustee' sale then there is no liability of the deficiency (the amount owed less the amount received by the bank at the trustee's sale). If there was a second loan then you still generally owe the unpaid balance of the second loan. The bank may have written it off which means they took it off their accounting books and transferred it to a collection company or sold the debt to another company. You still owe it but not to the same bank. it may not be in your credit report because some of the companies that buy bad debt don't report it to the credit bureau or don't report it for a long time. Therefore, the fact that it is not shown in your credit report does not mean you do not owe it. Sooner or later you will be contacted about it or served with a lawsuit. Your mother will not be liable because of her bankruptcy but they will go after you. You may also have a tax problem since the bank is required to report cancellation of debt to the IRS using a form called 1099-C.
    Answer Applies to: California
    Replied: 4/4/2011
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