LOSS MITIGATION FOR INDIVIDUAL DEBTORS WITH RESIDENTIAL REAL PROPERTY AT RISK OF FORECLOSURE OR IMMINENT DEFAULT – Amended December 1, 2017

           Loss mitigation procedures for the facilitation of consensual resolutions for individual debtors whose residential real property is at risk of loss to foreclosure or imminent default shall be governed by the Loss Mitigation Program Procedures promulgated by the Court, which shall be available on the Court’s website (http://www.nysb.uscourts.gov/sites/default/files/LossMitigationProcedures.pdf).

Comment

           This rule was promulgated in 2013 to include in the Local Bankruptcy Rules a reference to the Loss Mitigation Program Procedures established by General Order M-413 and modified by General Order M-451.  These procedures, which also may be obtained from the Clerk, may be amended by the Court from time to time.

           This rule was amended in 2017 to clarify that loss mitigation procedures may also apply to those at risk of imminent default.