If you find yourself behind on your mortgage, you are most likely concerned about the possibility of losing your home in foreclosure. While people get into foreclosure for a variety of reasons, a person’s strategy for getting out of foreclosure will depend upon the individual’s set of circumstances.
When you are in foreclosure, one of the most important things to consider is whether or not you want to keep the house. If you do want to keep your house, but can’t afford your mortgage payments, a loan modification might be your best option. But, anybody who has dealt with big banks knows that getting approved for a loan modification is not a quick and easy process… until recently.
Since late 2014, the Mortgage Modification Mediation (or M.M.M.) program has helped many people in foreclosure achieve a loan modification (approval rates have been anywhere from 70 to 80%). According to the U.S. Bankruptcy Court, the goal of the MMM is to facilitate communication and exchange of information in a confidential setting so that both parties (the lender and the borrower) will be encouraged to finalize an agreement with the assistance of the U.S. Bankruptcy Court. In other words, getting help through the MMM program will speed the process up, and give you a better chance of getting approved for a loan modification.
Anybody who has filed for bankruptcy, under any chapter, is eligible to seek modification through the MMM program. Many people find loan modifications to be great alternatives to short sales, and losing your house at public auction. If you have filed for bankruptcy, are contemplating filing for bankruptcy and would like more information about how to get a loan modification in the process, contact me today for a free consultation.