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Abandonment? New York

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  • Abandonment? New York

    I,m new so bare with me... In 1999 my father purchased the home I currently live in because I could not get a mortgage of my own at the time. I have lived here since then with my wife and kids and paid the mortgage (always on time). Three and a half years ago my father filed chapter 13 bankruptcy and kept this home out of the situation, he had a 46,000 mortgage and it appraised at 50,000 at the time of filing. My question is, me and my wife want to finally put the home in our name and buy it to reduce the interest we pay and to secure our future in the home. I have done significant amounts of home improvements and the house will show a higher appraisal now. We asked the trustee for my father about it and were told he has to file abandonment on the home so we can purchase it. We are only going to pay the payoff amount that the mortgage is. 1. What is an abandonment and 2. could someone explain what this will be and is their any danger in me losing my home?
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