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  1. #1
    Join Date
    Jan 2006
    Location
    Kentucky
    Posts
    70

    Default Acquisition or Abandonment Of Secured Property

    Currently in BK7, and have a hearing in two weeks on Motion to Lift Stay. I received a 1099 from the lender for "Acquisition or Abandonment" of secured property. What is that? It doesn't sound nice at all - have they taken some actions I was unaware of?
    The 'acquision' was dated in August '05 while I was discussing a loan modification with them...they never replied on that, so if bk'd in Oct. to prevent the foreclosure. They have since provided the amount I need to bring loan current..can someone explain? Thanks.

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    74,801

    Default Foreclosure of Property

    It sounds like they are asking the court for permission to proceed with the foreclosure.

  3. #3
    Join Date
    Jan 2006
    Location
    Kentucky
    Posts
    70

    Default

    Yes, but I thought that's what the MLS is for. They can't move on foreclosure with the stay in effect. I'm trying to find out what this 'acquisition or abandonment' is, and why I got a 1099. That would assume to show the IRS that I have a taxable gain.

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