Tree Stump

I have a tree stump - not sure what was there before. Every day, I chip away a little more of this stump, and often, find that it's mushy with a milky sort of substance - can't say it's foamy, but the bark is very wet and does break off easily. I don't see any evidence of bugs, and my townhouse is routinely tested for termites & is negative. Any ideas what this could be?
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