Mortgage Modification

The Bankruptcy Courts Loss Mitigation Program is designed to function as a forum for debtors and
lenders to reach a consensual resolution whenever a debtor’s residential property is at risk of
foreclosure. The Loss Mitigation Program aims to facilitate resolution by opening the lines of
communication between the debtors’ and lenders’ decision-makers. While the Loss Mitigation Program
stays certain bankruptcy deadlines that might interfere with the negotiations or increase costs to the
Loss Mitigation Parties, the Loss Mitigation Program also encourages the parties to finalize any
agreement under Bankruptcy Court protection.
The term “Loss Mitigation” is intended to describe the full range of solutions that may avert
either the loss of a debtor’s property to foreclosure, increased costs to the lender, or both. Loss
mitigation commonly consists of the following general types of agreements, or a combination
of them: loan modification, loan refinance, forbearance, short sale, or surrender of the property in
full satisfaction. The terms of a Loss Mitigation solution will vary in each case according to the
particular needs and goals of the parties.

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