Here is What You Need to Know About the Loss Mitigation Program

For many people here in the United States, there are few things more intimidating than filing for bankruptcy. However, fortunately, many Americans are relieved to learn that filing for bankruptcy may actually be one of the best decisions they’ve ever made. If you are considering filing bankruptcy to halt foreclosure on your home, you may qualify for the Loss Mitigation Program of the Bankruptcy Court, which allows certain individuals to request a loan modification. Essentially, many people choose to do so because in certain cases, it can allow them to enter a government loan modification program or to receive assistance from a bank’s internal loan modification program. Read on and reach out to our experienced New York bankruptcy attorney to learn more about loan modifications and what we can do for you.

What do I need to apply for a loan modification in NYS?

Loan modifications are oftentimes complex processes, so you need an attorney who can ensure you have the following in order:

  • You will have to provide current utility bills, such as electric bills
  • Profit & loss statements if you are a business owner
  • A hardship letter that states why you are unable to pay your mortgage and
  • Your pay stubs
  • If you do not live alone, then you must provide the pay stubs of anyone else living in your household
  • Your tax returns
  • Your bank statements

Do I need an attorney to help me through the bankruptcy process?

Yes. Though there are some who choose to file for bankruptcy and to enter the loss mitigation program on their own, we cannot advise anyone to do so. There are few moments more critical in your life than this, which is why you absolutely need an attorney on your side who can ensure you have everything you need to put your best foot forward through every step of the process ahead. Receiving a loan modification is far from guaranteed, and this is something you should absolutely keep in mind. Our firm has successfully guided individuals through this process for years and we can do the same for you.

Why should I apply for the loss mitigation program?

If you receive a loan modification, your interest rate will drop down to 2%, and you may receive an additional 40 years to pay off your loan, with lower monthly payments. Finally, the Loss Mitigation Program can save your home from foreclosed, as well as provide you with certain services, such as short sales, forbearance, loan refinances, and more. If you’re ready to get started, give us a call today.

Contact our experienced New York firm

The Law Offices of Allen A. Kolber, Esq. effectively represents clients facing Bankruptcy in Rockland County and all of New York State. Our firm understands the stress one can feel when facing a difficult financial future. Our compassionate staff will work to ease your fears and help you make a new start. If you need quality legal support, contact The Law Offices of Allen A. Kolber, Esq.