The term loan means any mortgage lien or extension of money or The term creditor refers to any mortgage holder assignee servicer or The Chapter 13 Trustee may participate in loss mitigation to the ext ID: 885221
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1 ANDThe Loss Mitigation Program (LMP) i
ANDThe Loss Mitigation Program (LMP) is designed to function as a forum for property is at risk of foreclosure. The LMP aims to facilitate such resolution by lenders decision makers. The LMP encourages the parties to finalize a feasible and The term loss mitigation includes the full range of solutions that may satisfaction. The terms of a loss mitigation solution will vary in each case The following definitions describe the types of parties,
2 properties and loans The term debtor
properties and loans The term debtor means any individual debtor in a case filed under The term loan means any mortgage, lien or extension of money or The term creditor refers to any mortgage holder, assignee, servicer or The Chapter 13 Trustee may participate in loss mitigation to the extent that such participation would be consistent with the Chapter 13 Trustees V. COMMENCEMENT OF LOSS MITIGATION.A. BY THE DEBTOR. (a) Except as provided i
3 n subsection (c), a debtor seeking to No
n subsection (c), a debtor seeking to Notice of Request for Loss Mitigation, together with a proposed Local Form, Loss Mitigation Orderthe First Meeting of Creditors. The debtor must also file a Certification of Service. The Local Form, Notice of Request for during the loss mitigation period. (See Section VII. B). The (b) Except as provided in subsection (c), if a debtor seeks to 2. In a case filed under Chapter 7. (a) A debtor seeking to commen
4 ce the LMP must file with the Notice of
ce the LMP must file with the Notice of Request for Loss Mitigation, together with a Loss Mitigation Orderdays after the commencement of the case. The time to (b) After a property is abandoned by the Chapter 7 Trustee, a Termination of Participation in Loss Mitigation. B. BY A CREDITOR. C. BY THE BANKRUPTCY COURT. The bankruptcy court may enter a Local Form, Loss Mitigation Order The Local Form, Loss Mitigation Order 2. In a Chapter 13 case, the
5 Standing Trustee may recommend GOOD F
Standing Trustee may recommend GOOD FAITH.Notice of Request for Loss Mitigation, the debtor must C. FINAL REPORTS.The Loss Mitigation Parties shall file the Local Form, Loss Mitigation Final Report creditor. The Loss Mitigation Final Report must set forth the outcome of the The Loss Mitigation Parties shall seek bankruptcy court approval of VIII. LOSS MITIGATION PROCESS. A. USE OF A SECURE ONLINE PORTAL. Notice of Request for Loss Mitigationin
6 formation if WebEx training is desired.
formation if WebEx training is desired. The Courts website will maintain a B. SUBMISSION OF DOCUMENTATION USING THE PORTAL.1. Within fourteen (14) days after the issuance of the Loss completed Creditors Initial Package. The debtor may utilize an online modification package (Document Preparation Software). The Courts C. SUBMISSION OF DOCUMENTATION WHERE USE OF THE PORTAL D. MODIFICATIONS OF TIMEFRAMES. E. CONTACT BETWEEN THE DEBTOR AND THE CREDIT
7 OR. 1. Within 14 days after the submissi
OR. 1. Within 14 days after the submission of documents by the debtor, 2. The purpose of the contact is to create a framework for the the session. The Loss Mitigation Parties should agree upon: (a) The time, place and method for conducting the loss (b) The types of loss mitigation solutions under consideration F. LOSS MITIGATION SESSIONS. IX. DURATION, EXTENSION AND EARLY TERMINATION.The initial loss mitigation period shall terminate 90 days fro
8 m the The Loss Mitigation Parties may c
m the The Loss Mitigation Parties may consent to an extension of the Application for Extension or Early Termination of Loss Mitigation Periodrder Respecting Request for Extension or Early Termination of the Loss Mitigation Period. The Certification of Service sessions are appropriate. The bankruptcy court may order an the party opposing the extension has not participated in good faith or has failed in a material way to comply with these (c)the p
9 arty opposing the extension would not be
arty opposing the extension would not be prejudiced, or for other cause shown. C.EARLY TERMINATION. 1.Upon Request of a Loss Mitigation Party. Application for Extension or Early Termination of Loss Mitigation PeriodOrder Respecting Request for Extension or Early Termination of the Loss Mitigation Periodconsider the request. The applicant must also file a Certification of Service The bankruptcy court will consider any agreement reached during loss 1
10 . Subject to subsection 2., a resolution
. Subject to subsection 2., a resolution may be noticed and 10 2. In a Chapter 13 case in which a loan modification has been modification, on 14 days notice to the Standing Trustee and to all The form of order presented with the motion must provide the (a) If the loan modification approved by the Court impacts on (b) If the loan modification approved by the Court results in a U.S. Trustee, and to the bankruptcy court prior to approval of the reso