Bankruptcy Mortgage Modification Program
Please contact us by completing the form to your right to find out more about the mortgage modification 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 mortgage modification 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.
What is the Florida Mortgage Modification Program?
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 principal 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. The mortgage modification 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 a 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 the mortgage modification program.
Contact us now by completing the form on your left to schedule a free consultation