In April of 2013, the Loss Mitigation Mediation program (also known as the LMM program) was launched in federal bankruptcy court in South Florida. This program allows homeowners who are struggling to modify their first mortgages on their homestead property to go to mediation with their lender under the protection of the bankruptcy court, in chapter 13 bankruptcy. The program has proved to be very promising as it was initiated by the trustee's office itself, and strongly supported by the local bankruptcy judges and attorneys.
The LMM program was modeled after the mediation program in the Orlando area, which has been very successful over the last 2 years, with an 80% success rate compared to a 4% success rate for mediations outside of bankruptcy. This is a huge difference, and we are excited about bringing this program into South Florida. For homeowners who have not been successful in achieving loan modifications in the past or on their own, this program may be a great next step. For more information, or to set up a free consultation, please contact our office.
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