Posted on March 31, 2010 at 9:27 pm I live in Minnesota and was part of the sub-prime mortgage. I took out a primary and secondary mortgage to buy the home and it was my primary resident. After the arm expire, I couldn't keep up with the payments and got a letter of sheriff sale so I moved out in May of 2007. Since then I have not heard from neither mortgage companies. My credit report shows: Primary mortgage: "CREDIT GRANTOR RECLAIMED COLLATERAL TO SETTLE DEFAULTED MORTGAGE" Secondary mortgage: "ACCOUNT CHARGED TO PROFIT AND LOSS" I have not heard from any collection agency inquirying about these accounts. I haven't seen any 1099-C from primary or secondary. I've file my 2007 and 2008 income tax and the IRS didn't say anything about not filing 1099-C. I do not want to live my life running and always looking over my shoulders. Since the foreclosure, I've started a business and work full time. I'm living on cash and totally comfortable with it. I talk to a bankruptcy lawyer and he quickly said I didn't qualify. My worries is one day someone will file a lien or start garnishing my wages. If a collection agency wanted to pursue a judgement, what if they don't know where I live and I don't get a summon? Ideally, I would like to negotiate a reasonable term before judgement. I fear that they'll wait until it's close to the statue of limitation and start collecting. Is there a cap on interest accumulating? I don't want some saying I owe 500% more now cause of interest. I want to move my life forward. Any suggestion would be greatly appreciated. Npis

Posted on April 5, 2010 at 6:12 am Hi, so was it a short sale? Because if so, it must have meant that your lenders were willing to let you off the hook for the deficiency - do you remember signing an agreement with regards to that? and maybe you should see a mortgage expert with regards to deficiency judgments in Minnesota - ask what this means: Nonjudicial: not available with a six- month redemption period.