What Documents Do I Need to Stop the Foreclosure Process?

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What Documents Do I Need to Stop the Foreclosure Process?

If you are no longer able to make regular mortgage payments, there is a very good chance that you are now facing a foreclosure on your home. This can be very stressful, as the last thing anyone wants is to deal with the prospect of losing their home and being displaced. Fortunately, depending on your situation, you may have various options on the table. For many, loss mitigation is a viable option to stop the foreclosure process. That being said, loss mitigation is a document-heavy process, which is why it is critical that you retain the services of a knowledgeable attorney who can work to ensure that you have all of the documentation you need to successfully apply. Please continue reading and speak with our knowledgeable Rockland County foreclosure defense attorney to learn more about loss mitigation and how it may benefit you. Here are some of the questions you may have:

What is loss mitigation and how can it help prevent foreclosure?

Essentially, loss mitigation is the process by which a lending company and a homeowner will work to create a productive solution that will allow them to lower their mortgage payments and get their financial situation back on track. For individuals whose mortgage payments are delinquent for 45 days, lenders are required, under federal mortgage servicing laws, to appoint loss mitigation help to the borrower get his or her financial situation back in order.

What documents will I need for the loss mitigation process?

As previously stated, loss mitigation involves a wide variety of financial documents. Your bank requires access to these documents so it can accurately assess your overall financial situation and determine whether you truly qualify for the program. Some of the various documentation required to apply for the loss mitigation program is as follows:

  • A hardship letter (our firm can help you draft one)
  • Financial statements
  • Bank statements
  • Tax returns
  • Paystubs from every wage earner living in your household
  • A current utility bill that proves you are currently living in your home

The bottom line is that when applying for the loss mitigation program, it is critical that you have all of the necessary documentation in order to ensure that the process goes as smoothly as possible. If you have any further questions, please do not hesitate to speak with our knowledgeable New York foreclosure defense attorney today.

CONTACT OUR EXPERIENCED ROCKLAND COUNTY FIRM

Here at The Law Offices of David M. Katz, P.C., we understand how frightening the prospect of losing your home due to foreclosure can be. For this very reason, our experienced attorneys have dedicated decades of our professional careers working to help those facing foreclosure stay in their homes and move on with their lives. Contact our firm for the experienced, compassionate guidance you deserve and need. 

How Do We Fight Against Foreclosure?

The Law Office of David M Katz, P.C. has extensive experience helping New Yorkers save their homes from foreclosure. Foreclosure itself has a wide range of impacts that can be avoided with the help of our firm. It is time to get the relief you deserve. Contact us today.

Loan Modification

You may be eligible to save your home by adjusting your mortgage. Every residential foreclosure lawsuit must go to the Foreclosure Settlement Conference to see if you qualify for a loan modification. We can represent you.

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Loss Mitigation

Loss mitigation stops foreclosure in its tracks, requiring your lender to assess your financial ability to see if you qualify for a government or internal bank loan modification. Having an experienced attorney is invaluable.

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Mortgage Litigation

You may be facing an illegal foreclosure, and it may stem from the terms of your loan, or much more. Our law firm is ready to explore every potential defense on your behalf.

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