A friend entered in foreclosure in 2014, for a condo in Chicago, IL (Chase Bank). Some time later he received a form 1099-C for cancellation of debt for around $9K. I know there's a deficiency but, while we tried contacting the bank to know what the status of that debt is, nobody in the bank seems to knows the answer.
I want to know what's the period while the bank or a collector can still claim that debt. I know the form 1099-C is only for tax reasons, but I wonder when will that debt will stop being enforceable. Or, what would be procedure, if possible, to get a deficiency waiver with the bank?