My home short sale in 7/2009. I had a 2nd mortgage. On the HUD 1 statement it discloses that my 2nd mortgage receive partial payment from the sales proceeds. The 2nd mortgage company continues is on my credit report as an outstanding debt. How long does the 2nd mortgage company have to file suit within the Statute of Limitations? How long does the 2nd mortgage company have to seek payment from me? How long will KD stay on the credit report as unresolved ? The 2nd mortgage did not send me a 1099.

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The mortgage company did not forgive the debt so they did not send any 1099 form. The SOL period varies from state to state. You need to check your state laws in order to find out how much time the second mortgage lender has to file a lawsuit against you. You may even get in touch with the second lender and negotiate with him so that he forgives the debt.

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