Joint Notice of Mortgage Modification
Official Procedure - Last Updated: February 09, 2022
References
| CM/ECF Menu |
Bankruptcy>Notices (Bk) |
| Event |
Joint Notice of Mortgage Modification |
| Rules / Code / Resources |
Fed.R.Bankr.P. 11 U.S.C. § Local Rule |
Background
The Chapter 13 Mortgage Modification Mediation Program is designed to help qualified Chapter 13 debtors renegotiate their mortgages and keep their homes. The Program supplies an electronic portal that assists communication between debtors and lenders.
The Program is entirely voluntary: both debtor and lender must consent to participate. Debtors and lenders are also free to modify mortgage obligations without using the Program and the portal. The Program simply provides parties with a new vehicle for doing so.
Debtors’ counsel who enter into the Court-Approved Retention Agreement and the new Addendum (Local Form 13-8.5) and who pursue a mortgage modification through the program will be presumptively entitled to additional flat fees as compensation.
The Joint Notice of Mortgage Modification setting forth the modified mortgage terms is filed If the debtor and lender agree to mediate, and if the mediation results in a modification of the mortgage.
NOTE: If the debtor's plan has been confirmed, the debtor should file a Chapter 13 Amended plan so that it is consistent with the modified mortgage
If the mediation is unsuccessful and does not result in a modification of the mortgage, the debtor or the lender should file a Notice of Termination of Loan Modification Mediation.
Joint Notice (LMM Form 4) form
Step-by-Step Procedures:
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Select Bankruptcy>Notices(Bk)
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Enter case number and click Next
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Select Joint Notice of Mortgage Modification from event pick list and click Next
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Select Party(s) from party pick list or Add/create new party, click Next
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The Attorney/Party Association screen may display. If it does, click here. If not, click Next, and go to step 6
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The PDF Document selection page will display.
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Browse, View, and Attach, click Next
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The Final Text screen will display. This is your final opportunity to modify the entry before submitting the filing. Click Next
- Verify the accuracy of the docket text.
If not correct,/if correct
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Click Next to complete the filing process
The Notice of Electronic Filling will display. It serves as verification that the filing has been sent electronically to the court.
Copies of this notice and the document filed are emailed to all participants who receive electronic notification in the case. You have a period of 15 days for a one time free look at the documents.