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In CA, what documents should I recieve after completing a Deed in Lieu?

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jencott Joined: 16 Feb 2011 Posts: 1 1.39 Dollars($)	Posted: Wed Feb 16, 2011 6:54 pm    Post subject: In CA, what documents should I recieve after completing a De Like 0 Dislike 0 We live in CA and recently completed a deed in lieu with Wells Fargo on our primary residence which we bought in Sept 2006. After a 1 1/2 year battle we finally recieved some documents for the Deed in Lieu. The property address was incorrect because the last few letters were cut off and they are supposedly sending us corrected ones. We recieved a Cancellation of Debt and an Acquisition or Abandonment of Secured Property. The Acquisition form was also incorrect because they had checked the box that said we were responsible for repaying the debt. The Cancellation form had the box checked that we weren't responsible. This correction is also supposed to be relected in the new documents. What does the Acquisition form really mean? And are there any other documents we should be recieving when completing a Deed in Lieu in CA? Thank you for your help?
smithsussane Joined: 18 Sep 2008 Posts: 10437 Location: Alaska 985.55 Dollars($)	Posted: Wed Feb 16, 2011 8:34 pm    Post subject: Like 0 Dislike 0 Hi jencott! Welcome to forums! The acquisition form actually means that the property has been surrendered by you to the lender who has acquired the property and sold it off at an auction in order to recover as much dues as possible. If your deficient balance amount has been forgiven by the lender, then you will receive the 1099c form as well. Feel free to ask if you've further queries. Sussane

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