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
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How to fill out New York Creditor Loss Mitigation Affidavit?
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