When an individual files for bankruptcy, they may be wondering whether they can take part in the Loss Mitigation Program. This is one way that a person can save their home and stop a foreclosure, which is one of the things people worry about most when they are struggling financially. The Loss Mitigation Program can allow a person to keep their property through loan modifications or loan refinancing.
It is important that the parties involved in the loss mitigation process determine a due date for when all paperwork and information must be returned by. This should take place in the beginning of the loss mitigation process. Other factors that should be determined at this time include the way in which these sessions will be conducted, a schedule for when they will be conducted, and what types of loss mitigation solutions will be explored.
The Bankruptcy Court may request status reports throughout the Loss Mitigation Program to make sure everything is going according to plan and according to the timeline that was determined at the beginning of the process.
Throughout the Loss Mitigation Program, debtors and lenders will work together and communicate to determine how the house can be saved from foreclosure. Both parties will sit down and come up with a plan that everyone can agree with. They may seek assistance from the Bankruptcy Court to determine if the plan is actually realistic and fair.
If you fear that your home is in jeopardy of foreclosure, please be aware that there are options. Contact an experienced bankruptcy attorney who can help you assess your options and work with you to save your home.
If you require the services of an experienced bankruptcy attorney, contact the Law Offices of Allen A. Kolber, Esq. today to schedule a consultation and discuss your options.