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"Loan Modification in Bankruptcy"

New Jersey Bankrupcy Courts are now using the DMM Loss Mitigation Web Portal system for filing documents and communicating with lenders. The DMM system is designed to stop some loan modification abuses such as saying "We never got your documents." Since a subscriber to the system has access to documents 24/7, there can be no more excuses of lost documents or claims it went to the wrong department.

Because the DMM system records and time stamps all documents submitted in real time and notifies all interested parties, the court, lenders and debtor attorneys can determine the exact status of the loan modification process and make sure all necessary documents are sent and that deadlines are met. This should help speed up the decision process in obtaining a loan modification. The DMM system even keeps track of extra documents that a particular lender may require so there are no last minute surprises.

The courts can not force lenders to comply, but the largest lenders are already a part of the DMM process. Banks like Bank of America, Chase, EMC, Litton, Wells Fargo/ASC, SPS to name a few are subscribers to the DMM system. Membership in the system is voluntary but members must comply with the DMM rules. GMAC was kicked out of the program in May 2001 for bad faith noncompliance with DMM rules.

The best thing is that DMM is free to debtors - the bank or loan servicer pays the cost. Lenders should not be foreclosing on any mortgages that are in active review.

When the court calls for a case status conference, debtor's attorney can send the printout from the DMM page which summarizes all actions that have taken place.

Marvin Wolf has been trained on and has access to DMM, and is fully ready to help you get a modification of your mortgage loan in bankruptcy.

Homeowners do not have to be in bankruptcy while seeking loan modification through the DMM web portal, but the portal can only be accessed by lenders, attorneys and judges.