The United States Bankruptcy Court for the District of Nevada recently announced new uniform procedures for its Mortgage Modification Mediation (MMM) Program. These procedures apply to all Las Vegas Chapter 13 bankruptcy filings, and all types of real estate including both commercial and residential.
The Mortgage Modification Mediation Program is designed to be a neutral forum for the debtor and mortgage servicer to discuss possible solutions to the debtors mortgage problems which is overseen by the US Bankruptcy Court. The goal of the court is to facilitate communication in order for both parties to come to a feasible agreement.
The Bankruptcy Court will not force any modification except with the consent of both parties. Any signed agreement reached at mediation must be approved by the Bankruptcy Court before it is binding and enforceable.
The Administrative Order 2014-08, effective January 1, 2015, authorizes the use of a bankruptcy mediation program that will be available for Las Vegas chapter 13 cases.