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What are "Loss Mitigation" programs offered through some Bankruptcy Courts?

Many years ago, when people fell behind on mortgage payments, they turned for help to the lender itself. Modifications to loan agreements were handled less formally, with arrears often "tacked on" to the end of loans, or some combination of other changes that would avoid foreclosure. More recently, and especially with the pre-2010 subprime mortgage disaster and all that followed, home debt modification has become very formalized. Many people facing foreclosure over the last several years have been enticed by rosy looking government programs (HARP, HAMP) into applying for loan modifications. The lenders must participate, but in my experience they are not really interested, using all sorts of diversions and excuses to delay and frustrate borrowers. Often (in my direct experience), the borrowers were required to submit applications packages and documents four, five or six times, each to be rejected because some i was not dotted or some t was not crossed. The lenders looked for anything they could to delay and thus deny. The process sometimes took over a year and often resulted in abandonment of the process by the debtor or a denial--as well as a great deal of anger and heartbreak. Even where there was success, the arrears and associated costs often built up significantly during the applications process, making the debt much bigger and the modification less attractive. Now, many of the bankruptcy Courts have waded into the field, with programs that may help. Specifically, and within a bankruptcy, debtors (or creditors) may apply for a loan modification under the supervision of the Court, with the threat of sanctions should it be found that either side is not properly responding in good faith. The application requires the lender to come to the table on a strict timeline and with a designated person assigned to the case with authority to modify the loan agreement. The program is new as of July 1, 2013 in the New York Northern District, and it seems good and productive. Depending upon the circumstances of the case, the program may allow a debt arrearage to be resolved outside of a chapter 13 plan, making the bankruptcy much more streamlined and effective. If you or a loved one is facing a foreclosure, please give me a call at 518-533-5982 and tell me your story. Chances are that I can help.

Attorney Paul B. Sherr serves clients in the following areas:

New York: Albany, Troy, Rensselaer, Saratoga Springs, Clifton Park, Schenectady, Hudson, Glen Falls, Washington County, Schoharie County, and Greene County.


Massachusetts: Berkshire County, including Pittsfield, Dalton, Washington, Otis, Becket, Hinsdale, Richmond, Lenox, Lee, Stockbridge, West Stockbridge, Great Barrington, Alford, Sheffield, Tyringham, Monterey, Egremont, Cheshire, Adams, North Adams, Hancock, Williamstown, and Lanesboro.

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We hired Attorney Sherr for litigation with great results. His work is outstanding and to this day, he is my business attorney.
With my sincere thanks,
- - Mary A Busch

Dear Paul, I just want to take a few moments to express my gratitude for all the support and expertise you provided me in a situation I was certain had no solution. You were wonderful Paul. Thank you for my peace of mind.
- - Rose M.


I recently enlisted his help in a home owners insurance claim issue. He was very quick to get to the heart of the matter and had it settled in a very timely manner.
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I needed advice about a financial problem, and I needed advice about bankruptcy. Attorney Sherr is accountable, thorough, and down to earth. I recommend him without hesitation.
- - N. Lowe

Paul Sherr made a difficult situation easy and understandable. I highly recommend his services. He took care of my case is a quick and efficient manner, while being generous with his time and fair with his fees.
- - Kathryn Levin
149 Main Street
Ravena, New York 12143
Phone: 518-533-5982
Fax: 312-253-1173

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