Frequently Asked Questions: Mortgage Modification Mediation

For the past year, I have been involved in a company which trains attorneys to defend Foreclosures through Bankruptcy and the Mortgage Modification Process.

While normally mediations in foreclosure proceedings are not very successful, (less than 5 percent result in loan modifications or the owner being able to remain in the home) we have seen great success through a relatively new bankruptcy court proceedure requiring Mediation. In the Orlando area,  more than 70 percent of homeowners have been able to modify their mortgages and keep their homes through this program.

Yes, you read that correctly, higher than 70 % success rate through Mortgage Mediation in Bankruptcy in the Orlando Division of the Middle District of Florida!

While the program is taylored toward bankruptcy, any attorney can benefit from the training provided. To learn more, visit www.mortgagemodificationeducation.com or call me at 407-645-3297.

Now for those FAQs:

Do I have to file bankruptcy to save my home? No, but you must not rule out this alternative.
Why do the banks make it so hard to get a modification? Banks and their underwriters have VERY STRICT Guidelines to qualify a home mortgage for modification.
Why does the bank want to foreclose my home?  The bank DOES NOT WANT YOUR HOME. The bank wants a PERFORMING LOAN. In fact the bank must meet very specific guidelines once the foreclosure is completed in selling the home which results in significant lost value. For this reason, banks attorneys are very reluctant to move foreward with the foreclosure and will even resist completing the foreclosure on anything other than their own timeframe.
Is it too late to save my home? Not if the Foreclosure is still pending. However, once the home is sold at auction, and title is issued by the court, you probably cannot save the home. However, you may be allowed to negotiate your leaving on favorable terms with the new owner.
Should I hire an attorney to represent me? Yes, but be very careful that the attorney is familiar with the Mortgage Mediation Program of the Bankruptcy Court. Avoid simple Foreclosure Defenses as they seldom result in Modification of the Mortgage allowing you to remain in the home.

For additional information, visit www.mortgagemodificationeducation.com my website at www.aubreylaw.com or call me at 407-645-3297.

I look forward to speaking with you! Aubrey