Mortgage Loan Modification
(855) KAT-ZNER
(855) 528-9637
(646) 736-7539
How We Can Help
- Are you behind in your mortgage payments?
- Have your efforts to renegotiate the terms of your mortgage with your bank failed?
- Do you find yourself with an amount of debt you wish you could get out from under?
If any of the above questions apply to you, bankruptcy court ordered loss mitigation / mortgage loan modification may be the answer you have been looking for.
Please contact a New York bankruptcy lawyer from Katzner Law Group to see how we can help you resolve your financial difficulties.
Details Regarding Loss Mitigation Bankruptcy Court Procedures:
LOSS MITIGATION / MORTGAGE LOAN MODIFICATION is a new bankruptcy procedure in New York that can assist homeowners who are struggling with one or more mortgages on their home. The procedure requires lenders to negotiate in good faith with individuals who have filed for bankruptcy in an attempt to reach an agreement that will prevent a foreclosure of your home. In situations where a foreclosure is inevitable, loss mitigation / mortgage loan modification can reduce the cost and difficulty in surrendering a property and thereby reduce or eliminate any deficiency owed to the lender. We have experience with these new Loss Mitigation / Mortgage Loan Modification procedures and would be happy to explain how this process can help you.
Background
Due to the rising number of foreclosures on residential properties, and the increase in the number of those at risk of foreclosure, on December 8, 2009, the United States Bankruptcy Court for the Eastern District of New York (whose jurisdiction comprises Brooklyn, Nassau County, Queens, Staten Island and Suffolk County) followed in the footsteps of the United States Bankruptcy Court for the Southern District of New York (whose jurisdiction comprises New York City, Bronx, Westchester, Putnam, Rockland, Orange, Dutchess and Sullivan counties) and issued a General Order announcing the adoption of a court-supervised loss mitigation / mortgage loan modification program (the “Program”) that will go into effect immediately.
The aim of the Program is for debtors and creditors to reach a consensual loss mitigation / mortgage loan modification resolution when a debtor’s principal residence is at risk of foreclosure. Loss mitigation / mortgage loan modification is intended to describe the full range of solutions that may avert the loss of a debtor's property to foreclosure and may include loan modification, loan refinance, forbearance, short sale, surrender in full satisfaction or some combination of the foregoing. All negotiations must be done in good faith or the Court may impose sanctions on the mortgage lender. The Program may be requested at any time by any party during the pendency of the bankruptcy. If requested, the debtor shall serve a Notice/Request for Loss Mitigation / Mortgage Loan Modification on the creditor within 7 days of filing for bankruptcy. The creditor then has 14 days to object. If no objection is filed, the Court will enter a Loss Mitigation Order that must be followed. The Program also permits a debtor to object to a motion for relief from the automatic stay by filing a Notice/Request for Loss Mitigation / Mortgage Loan Modification. If a party objects to the Notice/Request for Loss Mitigation / Mortgage Loan Modification, the Court will hold a hearing.
The Loss Mitigation Order will contain deadlines for the exchange of information between the parties, including time limits for completing applicable paperwork.
If the parties are able to reach an agreement, the agreement must be approved by the Court. A creditor may not require the debtor to dismiss his/her pending bankruptcy case as a condition of any loss mitigation / mortgage loan modification agreement. Also, if a bankruptcy case is dismissed during the loss mitigation period, the docket report shall cite that loss mitigation / mortgage loan modification efforts were ongoing at the time of the dismissal.
PLEASE CONTACT A NEW YORK BANKRUPTCY LAWYER FROM KATZNER LAW GROUP SO THAT WE CAN DISCUSS HOW THE LOSS MITIGATION / MORTGAGE LOAN MODIFICATION PROGRAM CAN ELIMINATE DEBT AND PROTECT YOUR HOME FROM FORECLOSURE.
Mortgage Loan Modification: Background and Procedure
Copyright 2010 Katzner Law Group, P.C.: New York Bankruptcy Lawyer. All Rights Reserved.
Contact Information
Phone: (855) KAT-ZNER
(855) 528-9637 (646) 736-7539
Fax: (718) 701-5927
Email: gkatzner@yahoo.com
1025 Longwood Avenue
Bronx, NY 10459
and
1040 Avenue of the Americas
Suite 1101
New York, NY 10018
and
147 Prince Street
Brooklyn, NY 11201
Our Bronx office is located next to the #6 train at the Longwood Avenue station and a short walk from the #2 and #5 trains at the Prospect Avenue station.
Our Manhattan office is located in the heart of Manhattan, next to Bryant Park and within a few blocks of Times Square and Grand Central Station. We are easily accessible by subway, Metro North and the Long Island Railroad.
Our Brooklyn office is located next to the 2, 3, 4 & 5 trains at the Borough Hall station, A, C, F, N & R trains at the Jay St.-MetroTech station and the B, D & Q trains at the DeKalb Avenue station.
