1099-C for deed in lieu of foreclosure on a timeshare.

I signed a deed in lieu of foreclosure on a timeshare.  The company told me they would cancel the debt and resell the timeshare. I received a 1099-C.   Box 2 ($11,896) is less than box7 ($13,429).  My calculations say I have a LOSS of $1533.  Do I have to report the 1099-C on my taxes?