One of the ways that a homeowner in New York can stop the foreclosure of their home is through bankruptcy. Of course, simply because a homeowner files for bankruptcy doesn’t mean the foreclosure just goes away. The homeowner will have to apply for the Loss Mitigation Program through the Bankruptcy Court. During the process of the Loss Mitigation Program, the bank is not permitted to foreclose or sell the home. The Loss Mitigation Program allows the homeowner to request a loan modification and it requires the bank to assess whether the homeowner qualifies for a loan modification program either through the Government or through the bank.
It is important to retain a skilled attorney for the loss mitigation process. An experienced attorney will have the knowledge and skill necessary to accurately prepare financial statements or profit and loss statements that will show the homeowner’s financial ability in the best light so they can be approved for a loan modification. Filing for a loss mitigation program is not only document heavy, but also very time sensitive. An attorney can guide you through each step of the process, ensure all deadlines are met, and help obtain a desirable outcome that will, hopefully, allow the homeowner to keep the house and obtain financial success in the future.
If you require the services of an experienced loss mitigation attorney, contact us today.
If you require the services of an experienced business law, foreclosure defense, or bankruptcy attorney, contact the Law Offices of Allen A. Kolber, Esq. today to schedule a consultation and discuss your options.
