Upcoming Foreclosures - IF you had a foreclosure on a house and still owed the lender an amount for it....?

IF you had a foreclosure on a house and still owed the lender an amount for it....?

IF you had a foreclosure on a house and still owed the lender an amount for it....would they take what they can from your tax return? Or is the note I got, just a note for us to take to the tax place when we file. It says it is an acquisition or abandonment of Secured property.

Public Comments

No, but they can sue you to get a deficiency judgement. Once they get that, they can get another court order to garnish your wages, or attach your bank account.
It sounds like the lender is not going to seek any additional payment from you and might not even be able to.
Yes they can go after you because you haven't file bankruptcy (assumption since you haven't stated). Lenders have the right to collect what you owe. However, if they handed you a legal document which states that they forgive you, you will then have to file a 1099 which counts as a gift and be taxable. Bush recently signed a bill to waive this 1099 so good thing for those who are forgiven by their debitors. Your best bet is to research on a statute of limitations about a the lender filing suit against you. This varies based on region.