In the Midst of Chapter 13 Bankruptcy?
Take Advantage of Mortgage Modification Mediation
If you’re considering Chapter 13 bankruptcy or are in the midst of a Chapter 13 bankruptcy proceeding, the Nevada Bankruptcy Court’s Mortgage Modification Mediation Program (MMM) can give you the breathing room you need to get your financial house in order.
Prior to the enactment of the MMM, it could take years for the consumer and the lender to arrive at an agreement modifying the terms of a mortgage. The result was that mortgage modifications were few and far between.
In contrast, the MMM streamlines the process for mortgage modification. For example:
- Nevada Bankruptcy Attorneys must apply for an MMM on your behalf within 90 days of filing for Chapter 13 bankruptcy
- When we suggest a mediator, your mortgage lender has only three days to file an objection; if an objection is filed, then the court chooses the mediator
- Once the mediation order is filed, your lender has just a week to pay the mediator’s fee and we have just a week to electronically submit the paperwork
- A decision must be reached in your mortgage modification within 150 days of filing your initial request
- Once your mortgage modification is approved, the Trustee for your Chapter 13 proceeding will make your mortgage payments
The bottom line? MMM reduces costs, saves time, and makes it easier to achieve a mortgage modification. If your lender makes an unethical move, the court can sanction them.
If you’re considering Chapter 13 bankruptcy, Nevada Bankruptcy Attorneys can help. Bankruptcy is a complicated process, and one that you shouldn’t try to achieve on your own. Our experienced bankruptcy attorneys are here to guide you through every aspect of the process, and are determined to give you the fresh start you deserve. Call us today at (702) 805-1659 for your FREE case evaluation.