Loss Mitigation Program and Procedures

UNITED STATES BANKRUPTCY COURT
DISTRICT OF NEW JERSEY

IMPORTANT NOTICE TO THE BAR AND PUBLIC
CONCERNING GENERAL ORDER ADOPTING
LOSS MITIGATION PROGRAM AND PROCEDURES
EFFECTIVE AUGUST 1, 2011

Please be advised that on or about July 29, 2011, after a period of public comment, the Board of Bankruptcy Judges for the United States Bankruptcy Court for the District of New Jersey approved a General Order Adopting Loss Mitigation Program and Procedures (LMP), Pending Adoption of a Local Rule. The LMP is effective, August 1, 2011.

The Board has determined that a uniform, comprehensive, court-supervised loss mitigation program will facilitate consensual resolutions for individual debtors whose residential real property is at risk of loss to foreclosure. A loss mitigation program will avoid the need for various types of bankruptcy litigation, reduce costs to debtors and secured creditors, and enable debtors to reorganize or otherwise address their most significant debts and assets under the United States Bankruptcy Code.

Accordingly, the Court is initiating the Loss Mitigation Program and Procedures (“LMP”) identified below along with the use of related local forms. This package of LMP documents includes the following:

1. General Order Adopting Loss Mitigation Program and Procedures
2. Loss Mitigation Program and Procedures
3. Notice of Request For Loss Mitigation – By the Debtor
4. Notice of Request For Loss Mitigation – By the Creditor
5. Loss Mitigation Order
6. Loss Mitigation Status Report
7. Interim Confirmation Order
8. Order Extending or Terminating the LMP

The Court hereby specifically gives notice of the above referenced General Order Adopting Loss Mitigation Program and Procedures. Copies of this notice, together with the aforementioned LMP documents are available on the Court’s Website at: www.njb.uscourts.gov

Additional information concerning the use of an electronic portal for the exchange of information between the LMP Parties as well as the availability of attorney conference rooms at the Federal Courthouses in each vicinage for purposes of participating in the LMP will follow.