What is New York’s Loss Mitigation Program?

If you would like to learn more about New York’s Loss Mitigation Program, give our firm a call today. Our Newburgh bankruptcy lawyer is committed to ensuring you and your financial future are protected. Here are some questions you may have:

How does New York’s Loss Mitigation Program work?

It is important to keep in mind that the New York bankruptcy court presents a Loss Mitigation Program that is employed to help people to come to a solution to their financial problems. In some cases, Loss Mitigation can be used to shield a home from foreclosure or clear certain costs that a debtor may have been accountable for paying.

After you have received a loan modification, your loan term may be extended up to 40 years with lower monthly payments. You will want to recognize that your interest rate will also likely lower to 2%. The program also supplies solutions for opportunities 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 additional questions, do not hesitate to reach out to Michael D. Pinksy, P.C. today. Our legal team is on your side.

Am I eligible?

Individuals who file for Chapter 7, 11, 12, or 13 bankruptcy, may encounter the Loss Mitigation Program in order to achieve a financial solution. Furthermore, individuals can join the program if they have a real property that is used as their main home. Do not wait to reach out to our experienced New York bankruptcy law attorneys today if you have queries concerning your eligibility for New York’s Loss Mitigation Program. You can count on our team to help you during this stressful time.

What documents are needed for this process?

It is important to note that you will want to make sure that you are provided with the appropriate documentation before entering the Loss Mitigation Process. Most likely, you will need to have the following documents suitable 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

Do not wait 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 sufficiently collected. We are on your side no matter what you are facing.

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.

Read Our Recent Blog

View More