Thank you for giving me the opportunity to assist you. I will give the best answer that I can with the information provided.
There are two issues with a 1099A---the disposal of the property which could generate a loss or gain, AND the forgiveness of debt and whether or not that is taxable.
Forgiveness of debt in a recourse loan is generally taxable to the recipient, but there are some exceptions. I am going to give you links to Form 982, Pub 4681, and other info about foreclosure of property.
You did not state what type of property it is--rental, home, investment, etc.---there are different rules for different types--Pub 4681 gives this info in detail.
Regarding the insolvency exception, Insolvency is determined by adding up all assets and debts immediately before debt is cancelled. If Debts are more than assets, the amount of difference is the degree that the person is insolvent. There is a worksheet for this in Pub 4681. The taxpayer determines his or her degree of insolvency, not the IRS.
Here are the links: