Loan Modification Errors
There is a way to keep your home without filing for bankruptcy: Loan
Krieger Law Group’s highly trained staff have a great deal of experience
with the loan modification process. When you meet us for a free
consultation, we can help you figure out if loan modification is the
right option for you. If it is, then you’ll have our extensive expertise
on your side as we analyze your situation and negotiate a better deal
for you with your bank. We have successfully secured modifications for
our clients from many lenders including Wells Fargo, Bank of America,
Chase, and more.
The Nevada loan modification process is complex. An experienced loan
modification attorney can help you determine which modifications you may
be eligible for, what is required to apply, and what your modified
payments would be.
Loan modification scams have put many homeowners who
try to go through the process on their own into even worse situations.
Working with an attorney will remove this risk of potential fraud.
Mortgage Modification Mediation Program
The United States Bankruptcy Court for the Southern District of Nevada
has adopted uniform procedures for its Mortgage Modification Mediation
(MMM) Program. This program applies to all bankruptcy Chapter 13 and all
types of real property, commercial and residential. MMM has streamlined
the modification process to reduce costs, save time, and make it easier
for the parties to facilitate a loan modification.
The program has many positive features:
HIGH SUCCESS RATE: Of the 76 referrals that have completed the MMM
program as of March 31, 2016, 71% have reached an agreement or settled
prior to the mediation.
TIME: The loan modification must be completed in 150 days! No more
waiting for years to get a decision on your loan modification.
COSTS: Attorney fees can be paid through your chapter 13 plan. Often
times these fees can be paid from funds that would have otherwise been
allocated to your unsecured creditors.
JUDICIAL OVERSIGHT: The parties are required to participate in MMM in
good faith and may be subject to possible sanctions by the court for
violation of this requirement.
ACCURATE ACCOUNTING: Your chapter 13 trustee will be paying your
mortgage if a modification is granted and will ensure all payments to
mortgage servicer are properly accounted for.
CENTRALIZATION: There will be a centralized location for all documents
which will contain a complete list of all of the mortgage servicers’
loan modification requirements. Default Mitigation Management LLC
(DMM), is the court approved portal provider. This will provide the
clarity and accountability for the loan modification process.
Watch out for scams!
There are a lot of people and companies out there who are taking
advantage of homeowners facing financial troubles. You’ll see entities
that call themselves “housing counseling agencies” or offer help with
mortgage or loan modification. They may even be sponsored by the U.S.
Department of Housing and Urban Development (HUD). While some are
legitimate, many others are scams.
NEVER pay money up front for loan modification services. Your first
consultation should always be free. If someone wants to charge you an up
front fee, then go elsewhere. There is no reason you should have to pay
an initial fee.