Back in 2013, the Southern District of Florida Bankruptcy Courts introduced the Loan Modification Mediation Program (LMM for short) to South Florida individuals. This program was available to those who filed before April 1, 2013 for 5 months and to anyone who filed after April 1, 2013 and qualified. The program’s introduction caused a huge spike in filings for Chapter 13 cases between April and October 2013. Based on the latest statistics filed in July 2014, over 4,600 individuals had taken advantage of the LMM program.
In August 2014, after a Statewide Bankruptcy Summit was earlier in the year, the program was revamped and renamed the Mortgage Modification Mediation Program (MMM). While the two programs strive to achieve the same results, this time the program is a much more streamlined process. Debtors are finding the process a lot easier to work with and getting responses in a quicker time frame. If you have had difficulty attempting to get approved for a modification in the traditional sense, the MMM program may be a great option for you.
For more information, please contact our office at 305-820-0334 for a free consultation with an expert foreclosure defense attorney. We have offices conveniently located in South Florida- from Miami Lakes to Lake Worth.