At the Settlement Conference homeowners at risk of foreclosure have an opportunity to meet with the lender’s attorney under court supervision. The goal of the Settlement Conference is to reach an agreement with the lender; in most instances to modify the mortgage and allow you to avoid foreclosure.
What is a foreclosure settlement conference?
The foreclosure settlement conference helps to get much needed answers for homeowners. By meeting face to face with the bank’s attorney, who is fully briefed on the case and given authority to act on modification decisions, the foreclosure settlement conference can be a valuable asset.
Who appears at a foreclosure Conference?
Bank attorney and homeowner appear at the conference. If the homeowner is represented by an attorney, then their attorney appears on behalf of the homeowner. The attorney represents the homeowner’s legal interests and the homeowner has the option to either appear with their attorney or not.
What is the home loan conference program?
The program is intended to provide homeowners the opportunity to meet with the lender. During the conference the borrower meets with the bank’s attorney under court supervision.
What is a CPLR 3408(a) settlement conference?
Recently under CPLR 3408 (a), the law has expanded the scope of the settlement conference to include other loss mitigation options, such as short sales and deeds in lieu. Before the advent of foreclosure settlement conferences confusion and unanswered questions abounded for the homeowner.
Is a settlement conference a good thing?
It's generally always a good idea to do a settlement conference, it can save you a lot of time, it can save you a lot of money, it can also save you the stress and anxiety and the cost of going to trial. For those reasons, I strongly recommend it.
What does a referee do in a foreclosure?
An Order of Reference asks the court to appoint what is called a referee. The referee's job is to determine the full amount you owe the bank. Meanwhile, if the court grants Summary Judgment to the bank, this means that the court determined that a trial is not needed.
What does disposed mean in a foreclosure?
Most foreclosures are disposed of in the courts through motions for summary judgment. If the Court finds that there is no genuine issue of material fact and that the bank deserves to win as a matter of law, the judge will order the property to be sold in a judicial auction.
How long do you have to move out after foreclosure auction in NY?
90 dayAfter a foreclosure sale, federal law says that the new owner or the bank must give you a written 90 day notice to move out before starting a case to evict you in Court, even if you don't have a lease.
What does reference order mean?
Before the Judge signs the judgment of foreclosure and sale, the Judge signs an Order of Reference. The Order of Reference sends the case to a Referee to add up the total amount that plaintiff is owed under the terms of the mortgage. This amount includes principal, interest, late charges, foreclosure fees and costs.
Does disposed mean dismissed?
The term disposed is a wider term then dismissed. If a case is dismissed, the court closes the matter without taking a decision. On the other hand, disposition means that matter or the case has been decided by the court on the basis of merits or a judgement or order passed.
Can a case be reopened with new evidence?
Also, a case may be reopened if there is newly discovered evidence which would probably have altered the judgment. It would most likely have to be proved that the new evidence could not have been discovered sooner using due diligence.
Does case Closed mean not guilty?
If a court file, closed means dismissed, acquitted or convicted.
How can a foreclosure process be temporarily stalled?
Filing for Chapter 7 bankruptcy will stall a foreclosure, but usually only temporarily. You can use Chapter 7 bankruptcy to save your home if you're current on the loan and you don't have much equity. Otherwise, you'll just be able to delay a foreclosure by a few months, unless you're able to modify the loan.
What type of foreclosure does a lender give a borrower a notice of default in a form prescribed by the state?
In a nonjudicial foreclosure, you might get both a notice of default and notice of sale. Learn more about these documents. In a nonjudicial foreclosure, borrowers sometimes receive a Notice of Default and a Notice of Sale, depending on state law.
What is the most expedient method of foreclosure?
Where it is available, foreclosure by power of sale is generally a more expedient way of foreclosing on a property than foreclosure by judicial sale. The majority of states allow this method of foreclosure.
What is the difference between a judicial foreclosure in a strict foreclosure?
Strict Foreclosure: Strict foreclosures are less common than judicial and non-judicial foreclosures. In a strict foreclosure, the lender seeks a court order to seize property from a homeowner. Once approved, the homeowner is given a set period of time to resolve the debt.
What is settlement conference?
A settlement conference is a meeting between you, someone from the Court (a Judge, Court Attorney, or Court Referee), and the plaintiff. The meeting is to talk about your case and to see if your foreclosure can be resolved. For example, you might see if the terms of the loan can be changed so you can afford to pay each month.
What happens if you don't settle a case?
If you don’t settle the case, you may get a new date to come back to court to continue the settlement conference. This may happen a few times. If you filed an Answer and you and the plaintiff do not work out a settlement, the case is not over. You and the other side start Discovery.
How to approach a foreclosure settlement conference in New York?
You should approach your New York foreclosure settlement conference with realistic expectations of the outcome. A foreclosure lawyer in New York can help set those expectations by communicating with the bank prior to a settlement conference, reviewing the terms of your residential mortgage, and looking at the bank’s history of settling and New York foreclosure. Based on these pieces of information, and other specifics of your New York foreclosure case, the likelihood of compromise can be assessed.
What is a foreclosure conference?
A New York foreclosure settlement conference is designed for discussion and negotiation. Most parties arrive at the settlement conference with a desired outcome, but willing to consider other options. You will likely strategize an ideal outcome from the settlement conference with your foreclosure lawyer in New York beforehand, but it is important to understand that there are several ways to save your home from foreclosure.
What factors impact a settlement?
The court will look at all aspects of your mortgage, missed payments, and potential for repayment before evaluating the potential for a settlement.
Where do you meet for a foreclosure settlement in New York?
Typically, this meeting takes place in a courthouse or other government building, but it can also occur in a mutually agreed location, such as a bank branch or your lawyer’s New York office .
When did the housing market crash?
When the housing market crashed in 2008, it became obvious to the New York legislature and foreclosure lawyers in New York that there was a need for new and efficient ways to finalize a foreclosure in the state. The outcome was greater and evolved use of New York foreclosure settlement conferences, a mediation proceeding that allows banks and debtors to meet outside the courtroom.
Does New York require a foreclosure settlement conference?
There are now several states that either require or suggest a settlement conference to delay or stop a foreclosure on real property. Each of these states has a different set of rules and recommendations for this settlement conference, and in the State of New York, a foreclosure settlement conference is conducted in-person.
Who must approve a settlement agreement in New York?
As well, the court must approve any settlement between banker and borrower that is reached during a New York foreclosure settlement agreement.
What is mandatory conference in foreclosure?
* (a) In any residential foreclosure action involving a home loan as such term is defined in section thirteen hundred four of the real property actions and proceedings law, in which the defendant is a resident of the property subject to foreclosure, plaintiff shall file proof of service within twenty days of such service, however service is made , and the court shall hold a mandatory conference within sixty days after the date when proof of service upon such defendant is filed with the count y clerk, or on such adjourned date as has been agreed to by the parties, for the purpose of holding settlement discussions pertaining to the relative rights and obligations of the parties under the mortgage loan documents, including, but not limited to determining whether the parties can reach a mutually agreeable resolution to help the defendant avoid losing his or her home, and evaluating the potential for a resolution in which payment schedules or amounts may be modified or other workout options may be agreed to, and for whatever other purposes the court deems appropriate.
Who shall advise the parties of the documents that they should bring to the conference?
The notice shall be in a form prescribed by the office of court administration, or, at the discretion of the office of court administration, the administrative judge of the judicial district in which the action is pending, and shall advise the parties of the documents that they should bring to the conference.
What happens if a defendant is appearing pro se?
If the defendant is appearing pro se, the court shall advise the defendant of the nature of the action and his or her rights and responsibilities as a defendant. Where appropriate, the court may permit a representative of the plaintiff to attend the settlement conference telephonically or by video-conference.
Where is the Bronx foreclosure auction?
Judicial foreclosure auctions are held in Bronx Supreme Court on Mondays at 2:00 PM in Room 600 at the Bronx County Courthouse .
Do you have to include a statement in a foreclosure application?
Any application involving a foreclosure must contain a separate statement from the moving party affixed to the front of the application that the action does or does not fit the criteria for inclusion in the residential foreclosure program.
Is Your House in Foreclosure?
- Have you received a 90‐day pre‐foreclosure notice? Mortgagee loan service providers (your bank or lender) are required to send all homeowners a notice at least ninety (90) days prior to the commencent (start) of a foreclosure action. Notices must be sent to the last known address of the borrower by registered or certified mail AND by first‐class mail.(NY RPAPL § 1304) Have yo…
What to Expect in Court
- It is important to know which court you are required to appear in during the foreclosure action and where to file a timely Answer to the Complaint. Have you received a Settlement Conference Court date? In New York State, many homeowners are entitled to a mandatory foreclosure settlement conference. It is strongly advised that you seek an attorney’s assistance prior to appearing in co…
What Documents Will I Need to Apply For A Loan Modification?
- Documents that you will need to apply for a loan modification include: 1. a hardship letter explaining when and why you fell behind in making your monthly mortgage payments 2. proof of current monthly income in the form of pay stubs, profit and loss statements (if you are self‐ employed), benefit award letters (Social Security, Worker’s Compensation, Public Assistance, Fo…
Common Terms
- Mortgagee—the bank/lender, including those who obtain the Note and Mortgage from the original lender. Mortgagor—the person who borrowed the money/took out the loan. Mortgage servicer—the managing agent for the entity who claims ownership of the note. The borrower must be notified of any change in servicer. The servicer typically sends monthly state...