I think you should start by checking the language on the judgment entered in the foreclosure. The majority of the 1099s come from second lien holders and short sales. If you want to know your exposure to possible personal judgments, I would encourage you to speak to an attorney that can review your assets/liabilities, income/expenses and the actual judgment entered. Good Luck.
The purpose of PMI is not to protect you, but the lender from losses. It's required to offset potential losses to the lender where the borrower did not put 20% or more down at origination. Was your loan a HUD backed/FHA loan? That may also influence whether or not you had to pay PMI. In terms of getting a 1099, you will not if the loan was your primary residence at the time you bought the home and until it was foreclosed upon. Take the advice of the other attorney regarding checking to see if a deficiency was entered against you.
The information in this answer is not intended as legal advice nor do I intend to create an attorney-client relationship with any reader simply by answering this question or contributing as a member of AVVO.
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