Mortgage Modification Mediation (or MMM) is a way in Florida that individuals can negotiate to keep their house after declaring bankruptcy. It involves a court appointed mediator who works with the individuals, their attorney and the lender to reach a modified mortgage agreement. It is very important to note that in order for an individual to be eligible for MMM they must have a regular income and have ability to pay a monthly amount to the lender (bank who owns the debt).

The MMM process

A motion is typically filed with the Court requesting Mortgage Modification Mediation. This can be done within ninety (90) days of filing for bankruptcy. Then the court will decide whether to appoint a mediator. The the mediator will work closely with the individual, their attorney, and the mortgage lender to reach an agreement within 150 days, though this may be extended if both sides agree. The agreement can take many forms, most commonly: lowered monthly payments, reduced interest rates, or extension of the loan length.

If the Court does not approve of this mediation or the modification is denied for other reasons, an individual may come current with the mortgage through a bankruptcy plan.