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New York Creditor Loss Mitigation Affidavit

Category:
New York Bankruptcy - Official - Southern District
State:
New York
Control #:
NY-BKR-305S
Format:
PDF
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Description

Creditor Loss Mitigation Affidavit New York Creditor Loss Mitigation Affidavit is a legal document used by creditors in the State of New York to confirm a debt that has been forgiven due to a negotiated settlement. This affidavit enables creditors to waive the remaining balance of a debt after it has been reduced through a loss mitigation process. It is especially used when a borrower is unable to make full payment on a debt and the creditor agrees to reduce the amount due. There are two types of New York Creditor Loss Mitigation Affidavit: the Unilateral Affidavit and the Bilateral Affidavit. The Unilateral Affidavit is used when a single creditor agrees to forgive a debt and the Bilateral Affidavit is used when multiple creditors agree to forgive a debt. Both affidavits require all parties to agree to the terms of the debt settlement and to waive all rights to pursue the remaining balance.

New York Creditor Loss Mitigation Affidavit is a legal document used by creditors in the State of New York to confirm a debt that has been forgiven due to a negotiated settlement. This affidavit enables creditors to waive the remaining balance of a debt after it has been reduced through a loss mitigation process. It is especially used when a borrower is unable to make full payment on a debt and the creditor agrees to reduce the amount due. There are two types of New York Creditor Loss Mitigation Affidavit: the Unilateral Affidavit and the Bilateral Affidavit. The Unilateral Affidavit is used when a single creditor agrees to forgive a debt and the Bilateral Affidavit is used when multiple creditors agree to forgive a debt. Both affidavits require all parties to agree to the terms of the debt settlement and to waive all rights to pursue the remaining balance.

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New York Creditor Loss Mitigation Affidavit
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