If your home has or is about to go into foreclosure, you might consider loss mitigation options such as a loan modification. We have been trained to assist people with loan modifications both in and out of bankruptcy. Our role includes communicating with the lender, completing and submitting the required loan package in a timely manner. Within a bankruptcy, the portal process may be available, thereby streamlining the application process in a transparent manner, making the lender accountable for delays and accusations of not having the entire package submitted.
South Carolina bankruptcy courts are proponents of lender accountability for loan modification applications through their support of the DMM Portal process, an online application system enabling debtors to upload their loan application package to the lender instead of faxing or mailing it with the fear of missing documents and allowing their attorneys instant communication with lenders in a format where every document submitted is easily viewed by the lender, debtors’ counsel or the court. This system has streamlined the loan modification/loss mitigation application process making the hardship applications transparent and efficient, typically resulting in saving debtors money. The DMM Portal is an efficient way to apply for a loan modification and has a greater success rate than applying outside the portal. As recently as December 2016, as some of the pioneers of the program reaching the state court level, Jane and her paralegal spoke on a panel to the Lexington County Bar and court about potentially implementing the use of the portal in state court. As of now, the process is only used in bankruptcy courts in South Carolina with approximately a 65% success rate. Jane’s staff is familiar with the portal program and is willing to assist in the loan modification application process.