Loan Modification Management Pilot Program
The United States Bankruptcy Court for the Central District of California has established a Loan Modification Management Pilot Program (“LMM”) . The LMM is designed to function as a forum for debtors and creditors to reach a consensual resolution when a debtor’s property is at risk of foreclosure. The goal of the LMM is to facilitate communication and exchange of information in a confidential setting and encourage the parties to finalize a feasible and beneficial agreement under the supervision of the United States Bankruptcy Court .
Advantages of using DMM
DMM operates a secure online portal that allows LLM documents and communications to be submitted, retrieved, and tracked between the various parties such as the Court, the bankruptcy trustee, the creditor, and the Debtor. Submitting documents to the portal provides transparency in the loan modification process by making information immediately available to all parties through a secure internet website. DMM also uses Document Preparation Software to ensure that the initial submission to the creditor is complete and accurate and should expedite the creditor’s review. No longer will you have to worry if the bank has received your paperwork. If the creditor requires any further documentation, they will communicate what they need through the portal.
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