We received a Ch 7 BK notice on 8/20/09.

We took the property in REPO (a MFH w/out land) on 10/30/09.

We sold the property on 8/31/10.

The final charge-off after sale was $2700.

I wanted to confirm how we should report this to the bureau (i.e., 94-Foreclosure/credit grantor sold collateral to settle defaulted mortgage OR 97-Unpaid balance reported as a loss by credit grantor).

Can you go after the deficiency? If not, I would report under the first option.

Since it is only $2700, it's not cost effective for us to go after the deficiency.

So, I'll use the first option then.

If we are going to go after the deficiency and we are successful, how should it be reported?

Thanks!