Mitigation in New York

What it means in New York:
Mitigation refers to efforts to avoid foreclosure by negotiating with lenders before or during the foreclosure process.

Key points:

• Typically occurs before a foreclosure sale
• Involves working with lenders or loan servicers to explore alternatives

Common mitigation options:

• Loan modification
• Forbearance agreements
• Repayment plans
• Short sale
• Deed in lieu of foreclosure

New York-specific considerations:

• Early engagement with lenders improves chances of success
• Participation in court or lender mediation programs may delay foreclosure
• Lenders are not required to approve mitigation options

Whom it applies to:

• Homeowners experiencing financial hardship
• Borrowers seeking alternatives to foreclosure
• Property owners exploring non-litigation solutions