My question involves a foreclosure in the State of: CA
I owned a home in CA, I have refi'd once and I have a second. I lost the home in 2008 when it went to auction and then defaulted bank to the bank when no one purchased it at auction. My first and second were with the same company. I owed 402,000 on my first and 65,000 on my second, in 2009 the bank sold the home for 285,000. I did receive a 1099A, but no 1099C for either the first or second loan. When I called the bank they said they would not be issuing a 1099C for either loan.
To my understanding, this means the bank is not forgiving the debt, and they can sue me?
I am just waiting, but how long do they have to take action? I guess bankruptcy will be my only option, but then I am going to loose vehicles and my rv most likely, and I guess why keep paying on them if I don't need to, but I don't want to file bankruptcy if I don't need to either. Also I have about $30K in retirement money, can they touch that?