Mortgage Modification Mediation
The perfect loan modification program! Why? Because it is court-supervised: no more "we don't have all the documents" from your lender. The MMM is a court-sanctioned program to help qualified Chapter 13 debtors keep their homes.
After applying for the MMM, borrowers make their mortgage payments to the Chapter 13 Trustee rather than to the lender directly. A mediator is appointed to facilitate communications between borrowers and lender. All documents submitted to the lender as well as comments from the lender and mediator are kept on a secured court portal. The portal is available to the borrowers, lender, their attorneys, the Court and the Chapter 13 Trustee. The portal insures that no documents are lost or misplaced.
IRS Offer in Compromise
All those ads promoting settlements with the IRS for "pennies on the dollar" come down to one thins: the IRS Offer in Compromise program. Those "pennies on the dollar" claims are true in some cases but not all. Technically, the IRS may agree to an offer if there is "Doubt as to Collectibility" (DATC) or "Doubt as to Liability" (DATL).
Are student loans dischargeable in bankruptcy? The question has elicited different responses depending onn who you ask. The truth is that Congress has carved an exception to dischargeability when it comes to student loans. As always, however, there are exceptions to the exceptions.
Most of our Offers in Compromise are DATC. A taxpayer's financial profile is prepared and submitted to the IRS. The taxpayer makes a fair and equitable offer to the IRS on the basis that they are in noncollectable status due to their financial situation.