Hello:
I have a primary residence in NC being foreclosed on next week.
My questions are:
1) Is there a way to know if the lender will pursue me for the deficiency amount after it is foreclosed on? Or do I just have to wait and see and for how long?
2) Does the mortgage relief act protect one from deficiency or only the canceled debt that one has to report to the IRS as phantom income? I am sure I will be insolvent anyway.
Thank you
