Effective NOW: District-Wide Mortgage Modification Mediation Procedures
Big news! New Mortgage Mediation Procedures – Effective NOW in the U.S. Bankruptcy Court Middle District of Florida. This means lots of changes including important new requirements and time constraints.
New MMM (Mortgage Modification Mediation) Process includes all BK chapters (7, 13 & 11) and any type of real property, not just residential, but must be individual debtor, no corps or LLC’s.
Read the memo and form Order
Order Directing Mortgage Modification Mediation
A few CRITICAL issues:
- Debtor must file Motion within 90 days
- Parties must use the Portal
- Mediator fee: $500, split between Debtor & Creditor
- Mediator selection: Parties agree within 14 days; if no agreement, Debtor selects & Creditor can object, then…
Mediators, Debtor and Creditor counsel – READ the ORDER!
I trust this info is helpful to you.
Until next time,