In response to the foreclosure crisis, several programs were developed to assist homeowners facing foreclosure. The seminar will seek to demystify HAMP FHA refinancing and other modification options. Panelists will explain the available programs for loan modification, eligibility requirements, preparing applications and dealing with denials.
Commencing in 2009, the U.S. Bankruptcy Court launched a loss mitigation program to serve as a forum for debtors and lenders to reach consensual resolution when a debtor’s residential property is at risk of foreclosure. The Loss Mitigation Program aims to facilitate such resolution by opening communications between the debtors’ and lenders’ decision-makers.
In June 2013, substantial changes were made to the program to improve its efficiency and integrity. During this session, Bankruptcy Judge Diane Finkle discusses these recent changes, provides an overview of the requirements of the program, explains how to initiate loss mitigation in bankruptcy and reviews the timeline of events and typical issues that arise during the loss mitigation process.