To learn more about the process of applying for New York’s Loss Mitigation Program, read on and reach out to our firm today. Our dedicated legal team is here to help. Call us to speak with a skilled Newburgh bankruptcy lawyer. We will be by your side each step of the way.
What is New York’s Loss Mitigation Program?
You will want to recognize that the New York bankruptcy court presents a Loss Mitigation Program that is employed to assist people to reach a solution to their financial problems. In some instances, Loss Mitigation can be used to protect a home from foreclosure or remove specific costs that a debtor may have been accountable for paying.
Once you have obtained a loan modification, your loan term may be expanded up to 40 years with lower monthly payments. Keep in mind that your interest rate will also likely drop to 2%. The program also provides solutions for options for loan modifications such as loan refinances, forbearance, short sales, and more. If you would like to learn more about this program or have any lingering questions, look no further than Michael D. Pinksy, P.C. today. Our legal team is here to help.
Do I qualify?
Those who file for Chapter 7, 11, 12, or 13 bankruptcy, may engage in the Loss Mitigation Program in order to achieve a financial solution. Also, individuals can join the program if they have a real property that is utilized as their main home. Do not hesitate to reach out to our skilled New York bankruptcy law attorneys today if you have questions regarding your qualification for New York’s Loss Mitigation Program. We are here to help you during your financial stress.
What documents are required for this process?
It is important to note that you will want to make sure that you are supplied with the proper documentation before entering the Loss Mitigation Process. Most likely, you will need to have the following documents convenient for this process:
- Financial statements
- Tax returns, either personal or business
- A hardship letter explaining why you cannot pay your mortgage and are therefore defaulting
- Each wage-earner in your household’s pay stub
- Current utility bills to ensure you are residing in your home
- Profit & loss statements (if relevant to you)
- Bank statements, either personal or business
It is in your best interest to reach out to our firm today if you would like to begin this process. Our legal team will help you ensure that your documents are properly gathered. We are just one call away.
CONTACT A BANKRUPTCY LAWYER TO DISCUSS YOUR DEBT OR COLLECTION ISSUE
Michael D. Pinsky, P.C. represents clients in bankruptcy actions and related matters. Please call 845-394-2616 or contact the firm online to schedule a consultation.