Creditors Request For Termination Of Loss Mitigation | Pdf Fpdf Doc Docx | New York

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Creditors Request For Termination Of Loss Mitigation | Pdf Fpdf Doc Docx | New York

Creditors Request For Termination Of Loss Mitigation

This is a New York form that can be used for Southern District within Federal, Bankruptcy Court.

Alternate TextLast updated: 1/14/2011

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UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK ------------------------------------------------------------------x In re: Chapter Case No. ( ) Debtor(s). ------------------------------------------------------------------x CREDITOR'S REQUEST FOR TERMINATION OF LOSS MITIGATION Parties to Loss Mitigation: Debtor(s): ___________________________________________________________ Debtor(s)' Counsel:____________________________________________________ Creditor:_____________________________________________________________ Creditor's Counsel:____________________________________________________ Lien position:________________________________________________________ Property address:_________________________________________________________________ Loss Mitigation requested on:___________________ Order approving Loss Mitigation entered on:___________________ Last Loss Mitigation session conducted on:____________________ with ____________ and ________________________________________________________ present. _______________________________________, creditor, hereby requests termination of Debtor's(s') request for loss mitigation based upon the following: 1. A document request was sent by the creditor on _____________________ and creditor still has not received the following documents (please check all that apply): ____ a. Two consecutive pay periods of paystubs and/or two months of ____ b. The last two years of income tax returns, signed by all taxpayers. ____ c. Hardship letter ____ d. Statement of monthly income and expenses. ____ e. Proof of residency. ____ f. Third party affidavit regarding contribution. ____ g. Two months of bank statements. ____ h. Appraisal of home or statement of value of home ____ i. Other to be specified here:______________________________ 1 American LegalNet, Inc. www.FormsWorkFlow.com 2. Debtor(s) has/have insufficient income to support a loan modification. This is based upon debtor(s)' monthly income of _________________, as determined by ( ) paystubs, ( ) tax returns, ( ) operating statements, ( ) budget, ( ) third party contribution and debtor(s)' monthly expenses of _________________ . Debtor(s) has/have insufficient income to support a loan modification that would add the amount of arrears of $______________ to be recapitalized by the loan modification. The principal balance of the loan modification would have to be $_____________ , which would require a monthly payment of $_____________ at _______% interest. Debtor's(s') real property(ies) does/do not qualify for loss mitigation based upon an appraisal dated ___________ and a value of _____________. There are title issues: a. Title is in the name(s) of: ______________________________________ and the note is in the name(s) of: ________________________________. b. Liens exist against the property; they are:__________________________ ___________________________________________________________ ___________________________________________________________ ___________________________________________________________ ___________________________________________________________. c. Other:______________________________________________________. Debtor(s) does/do not qualify for loss mitigation: a. This property is NOT Debtor(s)' principal residence. Debtor(s) reside(s) at ___________________________________________________________. b. Debtor(s) has/have already received a loan modification as of _________, which resulted in the loan being adjusted by ______________ (a copy of the loan modification MUST be attached to this document). c. It has been determined that this loan is not in need of modification, as Debtor(s) are current and/or are able to show the ability to pay under the note as it currently exists. Debtor(s) [was/were] approved for a loan modification as of _____________, but Creditor seeks to terminate loss mitigation because the Debtor(s) has/have not: a. made the necessary payments in the trial period, with the last payment received by Creditor on ____________ in the amount of $____________. b. supplied the following documents requested on ___________:__________ ___________________________________________________________. c. Debtor(s) income has/have changed since the trial period. Current income is now $_________, based upon ___________ while pre-trial income was $___________, based upon __________________. 3. 4. 5. 6. 7. 2 American LegalNet, Inc. www.FormsWorkFlow.com d. Debtor(s) expenses has/have changed since the trial period. Current expenses are now $__________, based upon ___________ while pre-trial expenses were $___________, based upon _______________. 8. Debtor(s) has/have failed to provide the Creditor with adequate protection during the loss mitigation process. The last payment received by Creditor from Debtor(s) was on ____________ in the amount of $___________, which was applied to the _________ payment. Other, to be explained in detail: _______________________________________________________________ _______________________________________________________________ _______________________________________________________________ __________________________________________________. I hereby attest that on ________________, I spoke directly with ___________ ____________________________ who is ____________________________ via telephone at ( )_____________ to personally advise of the Creditor's decision to request termination of the loss mitigation process and the reason(s) for the same. I hereby understand that the Creditor's request to deny loss mitigation will NOT be entertained by the court unless Creditor conducts a telephone status conference with the Debtor's(s') designated contact person and advises the Debtor's(s') designated contact person of the basis for the denial PRIOR to requesting termination. 9. 10. Wherefore, _________________________, Creditor, hereby requests termination of the loss mitigation process based upon the above information supplied by the Debtor(s) and relied upon by the Creditor. Dated: ____________________________________ (name) ______________________________ (title) _______________________________ (Creditor)____________________________ Address _____________________________ _____________________________ _____________________________ Telephone No. ( )____________________ Fax No. ( ) _________________________ Email address: ________________________ Sworn to before me this , 20 day of ____________________________ Notary Public 3 American LegalNet, Inc. www.F

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