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Understanding Mandatory Mortgage Foreclosure Settlement Conferences in New York

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What should I do if I am served with notice that my bank will start a foreclosure lawsuit against me?

If you are in facing foreclosure and in jeopardy of losing your home, you should give our lawyers a call.  We have more than 20 years of legal experience and have gained a reputation as some of the best lawyers in New York.  Call us now and make an appointment to see how we can help.  Call us 800-893-9645.

What is a settlement conference as it relates to mortgage foreclosure?

The mandatory settlement conference is meeting between the defaulting party and the lender to try and reach an amicable resolution to foreclosure proceeding.

Who presides over the conference?

Settlement conferences in the foreclosure context are be overseen by Judges, Special Referees, or Judicial Hearing Officers.

I am scared to go to court alone. Can I retain your firm?

It may be too late to retain our firm if you are going to a settlement conference.  Many critical mistakes can be made prior to the conference and we highly recommend you consulting and retaining our attorneys upon receiving your initial notice of the banks intent to foreclose.  Give us a call now to schedule your confidential consultation at 800-893-9645.

When are they held?

Settlement conferences are supposed to be held within 60 days of the plaintiff filing for an RJI.

What should I bring to the conference?

You should read very court notice carefully and bring any documents they request.  At the very least, you should bring the follow documents:
  • A list of your monthly expenses,
  • Proof of your income,
  • Any recent mortgage statements,
  • Property tax statements,
  • Income tax returns, and
  • Any papers used to modify the loan.

The bank has initiated a foreclosure proceeding against me several months ago but I haven’t received notice of a settlement conference.  What should I do?

We recommend that you contact this office and inquire how we can help you.  Navigating through the legal process can be stressful and confusing.  Our lawyers can be reached at 800-893-9645.

What happens at the conference?

The conference is an information gathering.  It also serves as a forum for the parties to negotiate the loan. 

How can a foreclosure defense attorney help at the conference?

We are experienced negotiators and can thorough examine the complaint for errors, advise the you options for bankruptcy which could take you out of foreclosure, and recommend a loan modification.

Will there only be one conference?

The statute does not limit the amount of conferences that can take place.  Many courts will allow multiple adjournment to facilitate an amicable resolution.

Does the bank have a responsibility to show up at the conference?

Yes.  The plaintiff must appear and have authority to negotiate.

What are the possible outcomes?

There are four main possible outcomes:
1)    the loan is modified
2)    an agreement is entered for a short sale
3)    an agreement is made to transfer the deed instead of foreclosure
4)    litigation continues for foreclosure

Achieving your desired outcome can be difficult. You should have an experienced attorney to help protect your rights.  Give us a call today at 800-893-9645.

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