Mortgage Mitigation Mediation Program (MMM)
Don\'t lose your home to foreclosure
Your local bankruptcy court has Mortgage Mitigation Medication Program (MMM) in all Chapter 13 bankruptcy cases to facilitiate mutually agreeable resolutions between lenders and individual borrowers whose homes are at risk of loss to foreclosure.
Chapter 13 is a reorganization of your debt that may allow you an opportunity to start over again without losing any property. You must make monthly payments under a Chapter 13 Plan. A common misconception about Chapter 13 is that the payments are based on a percentage of your debt.
That is not TRUE!
Your payments are based on your disposible monthly income after all of your expenses are accounted for.
Benefits of Bankruptcy Court Supervised Mortgage Modification May Include:
- Electronic submission of your mortgage modification paperwork by your attorney
- Mandatory mediation between you and a qualified decision-maker for the bank
- If you don't qualify for a government sponsored mortgage modification in the first mediation program then a second mediation is held to see if you qualify for any bank-sponsored programs
- Court ordered deadlines to reach a resolution
- Court ordered process to ensure timeliness and due process
If Qualified for a Chapter 13 And Upon Successful Completion of Your Plan, You May:
- Possibly eliminate your second mortgage
- Value investment properties at today's market and pay off in five years
- Eliminte credit card debt
- Eliminate IRS debt or pay it off without additional penalties added
- Keep your assets
- Cram down the high interest rates on your car loans to 5.25%
Either Chapter 7 Liquidation or Chapter 13 Debt Consolidation May:
- Stop garnishments immediately
- Stop creditor harassment immediately
- Stop lawsuits immediately
- Stop foreclosure sales immediately
- Stop repossessions immediately
- Stop the STRESS!