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Loss Mitigation Mediation Program

Effective April 1, 2013, the United States Bankruptcy Court for the Southern District of Florida entered an Administrative Order implementing the Loss Mitigation Mediation program, commonly referred to as LMM. Mediation is a method of resolving disputes between parties. It requires a neutral third party who facilitates communications between the parties and confidentiality - a critical element of mediation; it ensures open communication between the parties without the fear of reprisal.

A frustration shared by many homeowners seeking a loan modification is the lenders' request for the same documents over and over again despite having certified receipt of the lender receiving the requested document. The LMM program alleviates this nuisance by mandating all participants use an approved secure online portal for the submission of documents and communication. The portal stores the documents received and tracks the date and time they were submitted. Additionally, the Mediator facilitates communication over the portal, preparing the modification request for mediation.

Upon submission of the documents, the borrower is entitled to two, one-hour mediation sessions. This time is used to clarify any ambiguity in the documents, allow the parties to discuss the various programs the borrower will be considered for and if the borrower doesn't qualify - explain the reason for the request being denied. There are no guarantees that a borrower will be approved for a modification under LMM, but often times it is their last chance at saving their home utilizing a program which guarantees that their modification request will be reviewed by their lender.