LOSS MITIGATION INFORMATION
*Please note that on 2/07/2011, The
U.S. Bankruptcy Court issued General Order 11-001, amending the Loss Mitigation Program and Procedures, effective 2/14/2011.The Loss Mitigation Program
will provide a uniform, comprehensive, court-supervised program for
facilitating consensual resolutions of residential real property at
risk of loss to foreclosure for
individual debtors in bankruptcy. This program is patterned closely
on a similar program in
place at the United States Bankruptcy Court for the Southern District
of New York.
This loss mitigation program is intended to avoid or reduce unnecessary
bankruptcy
litigation and cost to debtors and secured creditors, and to enable
debtors to reorganize or
otherwise address their significant debt and asset structure under
the Bankruptcy Code. The need
for such a program is evident in light of the various government sponsored
loss mitigation
programs (Making Homes Affordable) introduced to address the systemic
mortgage defaults and
the decline in the current residential housing economy nationwide,
including the District of
Rhode Island.
Loss Mitigation
Forms and Resources |
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DMM Portal (On line loss mitigation document exchange application.) |
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