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Loss Mitigation
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Loss Mitigation

Restructure Your Mortgage through Bankruptcy

Do you need relief from your high mortgage payments? If so, you may be able to restructure your home loan through bankruptcy with a unique loss mitigation program. If you are a homeowner in the Long Island area, Nassau County, Suffolk County, Westchester County, or in any of the five boroughs of New York City, you should contact the Law Firm of Anthony J. Perano to discuss this option. As a NYC/Long Island bankruptcy attorney, Mr. Perano can review your situation and advise you on how the program works, how it may apply to you, and how to get started.

Since the real estate market decline, many borrowers have needed relief from mortgage payments they can no longer afford. A loss mitigation program which can only be done if you are in a pending bankruptcy case can restructure your mortgage and reduce the interest rate to 3 percent and below. This can only be done by the bankruptcy court. This program has been highly successful.

What is loss mitigation?

In general, loss mitigation programs are designed to keep homeowners who are behind in their mortgage payments in their homes and to ensure that lenders recover as much as possible from loans which have gone into default and may end up in foreclosure. Through these programs, the homeowner can reduce his or her interest rate and the lender can reduce the loss they would otherwise face through the completion of the foreclosure process. The loss mitigation program consists of providing the homeowner with ways to prevent foreclosure. These may consist of loan modifications, mortgage forbearance programs, deeds in lieu of foreclosure, and short sales. Since the spike in foreclosures across the country in the last several years, loss mitigation has grown in use by mortgage lenders.

By working with a trusted source concerning loss mitigation and related financial issues, you will have the confidence that you are getting accurate and reliable information and guidance. That is why it is recommended that you call Mr. Perano's firm to arrange to speak with him in a complimentary phone consultation regarding your debt situation, mortgage problems, and / or potential foreclosure.