Loss Mitigation Order United States Bankruptcy Court District of Form

Instructions and help about Loss Mitigation Order United States Bankruptcy Court District Of

Hello, I am Judge Elizabeth Stong of the Bankruptcy Court of the Eastern District of New York. As anyone who follows the news is aware, there is a mortgage foreclosure crisis in this country that doesn't seem likely to end anytime soon. The great recession of 2008 may officially be over ing to economists, but the housing crisis that preceded it, and then deepened in its wake, has left millions of homeowners unable to pay their mortgages. In the worst hit states an estimated 40 percent of mortgages are in some stage of foreclosure. Among the many consequences of this crisis is the effect it is having in the nation's bankruptcy courts and on those seeking relief there. In response, some of these courts have started programs that attempt to bring debtors and mortgage lenders together in hopes of reducing the number of foreclosures and expediting the resolution of their problems. The goal is to find a solution that is seen as a win by both parties. We're going to take a look at those prog