After several years in development by the North Carolina Bar Association Bankruptcy Section, all three of the federal bankruptcy courts of North Carolina have adopted Mortgage Loss Mitigation Management ("MLMM") programs that will make the process of homeowners seeking a modification of their mortgage easier and more transparent. Similar programs adopted in South Carolina and elsewhere have resulted in more that 70% of applicants successfully obtaining a mortgage modification, which can mean a lower monthly payment, a lower interest rate, a cure of any default and even a reduction in the principal balance owed.
The above video is a training session for attorneys and staff on how the program is anticipated to work and a demonstration of the DMM web portal where all of the MLMM documents will be uploaded and available for parties to the bankruptcy.
For copies of the rules and procedures, please click below:
For assistance in participating in the NC MLMM, either as a homeowner seeking to save their home and obtain a more affordable payment or as an attorney needing guidance on navigating this process, contact Ed Boltz at firstname.lastname@example.org. As one of the attorneys that was primarily responsible for the creation of this program, Ed Boltz is uniquely prepared to help with either.