The Mortgage Modification Mediation Program
The Mortgage Modification Mediation Program (MMMP) is a Federal Bankruptcy Court-supervised program designed to help qualified Chapter 13 debtors keep their homes by modifying their mortgage to an affordable payment. The MMMP is available throughout Wisconsin.
To qualify, the debtor must have steady income and be able to pay 31% of gross income or 75% of the current mortgage payment (whichever is less) while the mediation is pending. Requesting mediation allows debtors and lenders to discuss whether modifying a mortgage loan is feasible. Debtors who are successful may lower their monthly payment amounts and keep their homes.
Our Milwaukee Bankruptcy Attorneys Can Help You Keep Your Home
Mediation is an informal meeting conducted by a neutral mediator (selected at random from a list of qualified mediators) who acts as a discussion facilitator. The mediator cannot force a lender to modify the debtor’s mortgage but can help the parties reach an agreement. Mediation is simply a way for debtors and their home lender to discuss whether modifying the mortgage is possible.
The Wisconsin Bankruptcy Attorneys at The Fields Group Law Firm will complete and file a Notice of Motion and Motion to Participate in Mortgage Modification Mediation Program upon filing of the Chapter 13 Bankruptcy. In special cases, an application for the MMMP can be filed during the pendency of the Chapter 13 Bankruptcy but only if the debtor is current on his or her mortgage. After the Motion is filed, the lender will have the opportunity to consent or object to participation in MMMP.