Reports of Foreclosure and Abandonment of Mortgaged Property. Following the foreclosure sale or abandonment of any Mortgaged Property, the Servicer shall report such foreclosure or abandonment as required pursuant to Section 6050J of the Code. The Servicer shall file information reports with respect to the receipt of mortgage interest received in a trade or business and information returns relating to cancellation of indebtedness income with respect to any Mortgaged Property as required by the Code. Such reports shall be in form and substance sufficient to meet the reporting requirements imposed by the Code.
Appears in 2 contracts
Sources: Transfer and Servicing Agreement (FBR Securitization Trust 2005-1), Transfer and Servicing Agreement (First NLC Securitization, Inc.)