Can a mortgage lender issue a 1099-c to a co-owner that is not on the mortgage loan in a short sale?

I purchased a rental property with another investor and the mortgage is in his name only. Our agreement was to split the payments but he could not pay so the property is about to be foreclosed. We have a short sale buyer and the bank says they will pay all seller costs and there will be no tax implications for me since I am not on the loan.

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