What is New York’s Loss Mitigation Program? | What to Know

The state of New York has a Loss Mitigation Program that is used to help those in financial peril. To learn more, continue reading and reach out to our skilled Newburgh bankruptcy lawyer today.

How does New York’s loss mitigation program work?

New York bankruptcy court offers a Loss Mitigation Program that is used to help people reach a resolution to their financial troubles. In some cases, Loss Mitigation can be used to save a home from foreclosure or erase certain costs that a debtor may have been responsible for paying.

What documents are needed for loss mitigation?

You want to ensure that you are equipped with the correct documentation before entering the Loss Mitigation Process. Most likely, you will need to have the following documents handy for this process: Current utility bills to ensure you are residing in your home

  • Profit & loss statements (if relevant to you)
  • 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 stubs
  • Financial statements
  • Bank statements, either personal or business

If you are going through this process, do not hesitate to reach out to our firm today. Our legal team will help you ensure that your documents are properly compiled. We are on your side. Just give us a call today.

Do I qualify for this mitigation?

Those who file for Chapter 7, 11, 12, or 13 bankruptcy, may contend in the Loss Mitigation Program in order to reach a financial solution. Furthermore, people can enter the program if they have a real property that is used as their main home.

If you would like to learn more, it is in your best interest to reach out to our experienced New York bankruptcy attorneys today. With Micahel D. Pinksy, P.C., we are on your side when you need it most.

What advantages does the loss mitigation program provide?

After you have received a loan modification, your loan term may be extended up to 40 years with lower monthly payments. Additionally, your interest rate will likely drop to 2%. The program also supplies solutions for alternatives to loan modifications such as loan refinances, forbearance, short sales, and more.

If you are interested in learning more about New York’s Loss Mitigation Program, do not wait to reach out to our firm of qualified attorneys. Our team is here for you and will help you navigate through each step of the process ahead. Contact us today to discuss the details of your case and your options.

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.

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