The Boca Raton loss mitigation mediation attorneys at the Klein Law Group can help you obtain a loan modification with the assurance that your requests are being handled fairly and promptly.
Loss Mitigation Mediation (LMM) is a new home loan modification-focused program initiated by the Bankruptcy Court for the Southern District of Florida aimed to help debtors, primarily in Chapter 13, resolve mortgage issues on residential property. A key goal of this program is to lower the chances that lenders will act in bad faith when handling requests for loan modifications and to increase the chances for qualified debtors to reach these agreements with their lenders.
Although the program is voluntary and is available to debtors under Chapter 13, 12, 11 and 7, it’s expected to be used most often in Chapter 13 bankruptcies.
The Loss Mitigation Mediation (LMM) program serves as an extremely valuable resource for debtors who are going through the bankruptcy process and who are at potential risk of losing their homes. The traditional method for applying for loan modifications has generally involved lenders acting unscrupulously or simply being careless in the handling of debtors’ loan modification requests. Under this new program, lenders are essentially forced to act honorably and ethically when debtors file for Chapter 13 bankruptcy because of the higher level of accountability that the program provides.
Here’s how the program works:
For more information about how we can help you obtain a loan modification under the Loss Mediation Mitigation (LMM) Program in Boca Raton, Fort Lauderdale or West Palm Beach, or to schedule a free no-obligation consultation to discuss your financial and legal options, reach out to our Boca Raton bankruptcy lawyers. We have the legal experience you need along with the compassion you deserve to help you navigate the difficult process of protecting yourself and your property during bankruptcy.