Crosby & Fox utilizes Stretto DMM Portal's easy-to-use technology to simplify the loan modification process for its debtor clients.
“The Stretto DMM Portal is very helpful. It keeps all loan modification parties accountable. And that’s a good thing.”
Stretto DMM Portal: The default mitigation management tool in Pennsylvania
Seven years ago, when the United States Bankruptcy Court of the Western District of Pennsylvania adopted a loss mitigation program, they needed a technology platform that was both neutral and robust enough to support the many needs of all stakeholders. After an exhaustive review, the Court authorized the DMM Portal.
Today, the Stretto DMM Portal still services the needs of PAWB and is used by many firms including the Law Offices of Steidl & Steinberg, which uses the Stretto DMM Portal for all their Chapter 13 bankruptcy cases.
“We weren’t doing mortgage modifications in bankruptcies,” said firm partner Lauren Lamb, “because there was no court-sanctioned program to do it. But seven years ago, our jurisdiction adopted its loss mitigation program and endorsed the DMM Portal, so we now have a viable way to take our clients through the loan modification process.”
A gratifying service
With its DMM Portal and Best Case software, Stretto combines best-in-class technology and streamlined workflows to provide customized solutions to expedite communication among debtors, creditors, courts, and lawyers in the bankruptcy process.
Time is saved, costs are reduced, and resolutions are arrived at much quicker.
“Without a mortgage modification, many people will have to surrender their house when they fall into arrears. But most people can’t navigate the loan modification process on their own. With Stretto’s DMM Portal, we take care of preparing the packets and submitting them to the court on our clients’ behalf.
“Not everyone qualifies for a loan modification, but it’s gratifying when we’re able to help someone save their house when otherwise they wouldn’t have been able to do so.”
Expediting the loan modification process
The attorneys at Steidl & Steinberg have more than 200 years combined experience and have filed over 40,000 bankruptcy cases. Stretto’s DMM Portal helps them get their clients answers more quickly in the case of loan modifications.
“Prior to the Portal,” said Lauren, “there were plenty of stories where clients attempted modifications on their own. Many times, the mortgage companies wanted them to fax in the paperwork, only to hear that paperwork was never received. Or that the paperwork was now outdated, and new forms were needed.
“All too often people weren’t even able to get a complete packet in and couldn’t even get a decision on the merits of their case. Thanks to the Stretto’s DMM Portal, when we get involved, we’re at least able to get them a straight yes or no decision on their packets. So that’s a good thing.”
Holding all parties accountable
“The Stretto DMM Portal is a good tool. It’s very helpful, because you're tracking all communication and transmission of documents. There’s the accountability that comes with that communication. Outside of a court approved program, there’s really no method of holding a mortgage company accountable. But having the Portal history to show a judge is very helpful.
“Having all the documents and being able to stay on the servicer and eventually push them toward a yes or no decision on the merits of the case is good. I tell my clients that I can’t guarantee an outcome. But if you give me the documents I need, at least I’ll be able to get you a yes or no decision, based on your situation, not because you didn’t provide the correct documents to the mortgage company.
“The Portal has been so helpful in our loss mitigation cases that we’ve started to use it for student loan services as well.”