Please
contact us to
find out more about this NEW program for Bankruptcy Clients. The
Mortgage Modification Mediation Program (MMMP) is designed to
help reduce foreclosures by mediating mortgage modification
discussions between homeowners and their mortgage companies.
This program is sponsored by the United States Bankruptcy Court
and has recently become available in the Middle District, Tampa
Division. The mortgage modification is the restructuring of your
current mortgage. The mortgage may be modified in a variety of
ways.
The most common mortgage modifications may reduce interest
rates, extend the term of the loan, shift the arrears to the
back end, forgive late fees and penalties and in very rare
circumstances, forgive a portion of the principle balance owed.
Additionally, other, somewhat creative solutions can be
discussed at mortgage modification mediation in order to help
the debtor keep his/her homestead or turn the home over in a
very cost-effective way.
The mediation
process is very informal and usually conducted at our office.
The mediator is selected by us and your mortgage lender. This
mediator cannot force a lender to modify your mortgage but can
help you and your mortgage company reach an agreement. This new
program has been very successful thus far allowing many debtors
to lower their monthly mortgage payment and keep their homes.
There are qualifications for the program including:
Debtors must
be in an existing bankruptcy
This program
is limited to the debtors’ primary residence. Therefore,
second home or investment properties will not qualify.
The debtor
must have regular income, but be unable make the regular
monthly mortgage payments due to financial hardship.
There are other qualifications that apply. Therefore, please
contact us to determine if you meet the qualifications for this
new program.
*Contact us now to schedule a free consultation.*
727-344-0123
