At the conference the court will give you an information packet containing an information sheet about Answering a Foreclosure Complaint, an Answer Form, an Affidavit of Service, a Consumer Bill of Rights, A Foreclosure Case Flow Chart, and a list of foreclosure resources.
Is a foreclosure settlement conference a good idea?
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.
What should I do if my case fails to settle?
Analyze the strength of your case. If settlement fails, then you’ll probably have to go to court. You should analyze whether you’re likely to win at court. If so, then you can be aggressive at the settlement conference. If your case is weak, then you probably should seek resolution during the settlement conference.
How can I expedite a foreclosure lawsuit?
A case management conference can sometimes expedite a foreclosure lawsuit. You should expect to be asked for documentation explaining why you’ve missed payments, and may need other documents as well.
How do I prepare for a settlement conference?
Settlement conferences may be mandatory (required by the court) or voluntary. [1] Regardless of the type of settlement conference, you should prepare by thinking about what you want and the minimum amount you are willing to settle for. Talk about the case with a lawyer and then submit all required paperwork. Decide what you want.
What does settled mean in a foreclosure?
In your credit report the account will be shown as "settled" or "account paid in full for less than the full balance." If the account was delinquent at the time it was settled, it will remain on the credit report for seven years from the original delinquency date.
What does a referee do in a foreclosure?
In the context of computing the amounts due to a mortgagee in a foreclosure action, the referee is typically appointed to report to the court on the amounts due (as opposed to determining the amounts due) in which case the court is the “ultimate arbiter of the dispute [with] the power to reject the Referee's report and ...
How can I save my house from auction?
How to Save My House From Foreclosure AuctionFiling for Bankruptcy. ... Apply for Loan Modification. ... Request a Deed in Lieu. ... Attempt to Make a Short Sale. ... Paying Off Your Mortgage. ... Negotiate With Your Mortgage Lender. ... Buying At Auction. ... Sue Your Lender.
What is the order of reference?
WHAT IS THE ORDER OF REFERENCE? In the context of foreclosure, the order of reference is when the court appoints a referee. The technical term is that the court is referring the case to the referee in order for the referee to do something with limited authority granted by the court.
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.
What happens if you don't file an answer in a civil case?
If you don’t file an Answer within 30 days of the first settlement conference and you can’t settle the case, the plaintiff can get a default judgment against you and you can lose your home.
How long do you have to answer a summons and complaint?
Listen for your name to be called. At the first settlement conference, if you have not filed an Answer, the court will explain that you have an additional 30 days to Answer the Summons and Complaint.
How long do you have to answer a complaint in CPLR 3408?
If you go to the first settlement conference, you have an extra 30 days to file your Answer.
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.
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 .
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.
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.
Who will attend the settlement conference?
Your foreclosure lawyer and counsel for the bank will arrange for a judge, court referee, or court attorney to attend the settlement conference. The role of this court representative is moderating the negotiations and discussion between the parties and taking note of any stipulated agreement.
What is the purpose of mediation in foreclosure?
The goal of mediation is to hear both sides of the story.
How to stall foreclosure in Florida?
Most homeowners try to stall the foreclosure process by first seeking out loan modifications. A loan modification can reduce the interest on your loan to make your monthly payments more affordable, or restructure your loan so that any of your missed payments are added onto the loan term rather than required as a lump sum in order to catch up again.
What is a deed in lieu of foreclosure?
Deed in Lieu of Foreclosure: Under this agreement, the homeowner turns ownership of their property back to the bank, then rents it from them rather than making mortgage payments.
What is a case management conference?
During a case management conference, both parties meet to discuss a foreclosure case when no movement has been seen in quite a while, or if it’s gotten stuck in the judge’s docket. A case management conference can decide the next step, which may be a foreclosure alternative such as a deed in lieu or short sale, or mediation. A case management conference can sometimes expedite a foreclosure lawsuit. You should expect to be asked for documentation explaining why you’ve missed payments, and may need other documents as well.
How long does it take to get a mortgage modification in Florida?
In many cases, negotiating a loan modification can take several months. In Florida, foreclosure proceedings can start as soon as 90 days after your first missed payment.
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 .
How many days before a sale of a house do you have to serve notices of sale?
Notices of Sale on foreclosed properties shall be served on the Ex-Parte Office at least ten (10) days prior to the scheduled date.
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.
Who runs the settlement conference should send you a list of rules or procedures?
Whoever runs the conference should send you a list of rules or procedures. Read these carefully and comply with all rules. This article can only summarize settlement conferences generally, but you always must follow any specific rules given to you.
What to do if a settlement fails?
If settlement fails, then you’ll probably have to go to court. You should analyze whether you’re likely to win at court. If so, then you can be aggressive at the settlement conference. If your case is weak, then you probably should seek resolution during the settlement conference.
What do you need to know in a divorce?
In a divorce dispute, for example, you’ll need to determine child custody, visitation, child support, and spousal maintenance (alimony). You should figure out what you want in all areas. In a personal injury dispute, you’ll need to decide how much money you are willing to pay or accept.
What is the role of a mediator in a settlement?
A mediator’s job is to guide the discussion and to get the two sides listening to each other. Even if a judge runs the conference, realize that they will not be deciding anything during it.
What happens if you don't agree to confidentiality?
If you don’t agree to the confidentiality rules, then you might not be able to go ahead with the settlement conference.
How to find an attorney for a settlement?
You can find an attorney by contacting your local or state bar association and asking for a referral.
What is settlement conference?
Settlement conferences are used in all kinds of lawsuits, but they are very common in divorce and personal injury cases. The purpose of the conference is to resolve the dispute in a way that satisfies all parties to the lawsuit. Settlement conferences may be mandatory (required by the court) or voluntary. Regardless of the type of settlement conference, you should prepare by thinking about what you want and the minimum amount you are willing to settle for. Talk about the case with a lawyer and then submit all required paperwork.
What happens during a foreclosure settlement conference?
During the conference the various parties will try to come up with some type of solution. The homeowners financial situation will be reviewed, including their total expenses and income. The homeowners current assets will need to be reviewed as well. Any possible outcome from the foreclosure settlement conference will be based upon what the homeowner can afford to pay towards their current, or new, mortgage. Any assistance provided will also depend on what type of loan currently exists, and how far behind they are on their payments.
How does the foreclosure settlement law work?
The court, lenders, and homeowner need to schedule a sett lement conference within a maximum of 60 days of when the plaintiff files a proof of service of the complaint. You can either ask your local court to set up the conference, or contact a New York HUD housing counselor.
What is a forbearance agreement?
This type of arrangement will often result in a reduction or suspension of the homeowners monthly payment for a period of time, oftentimes several months. The suspension of the monthly payment, or lower payments provided, will allow the borrower time to repay a delinquency on their mortgage over time.
What is a short sale in mediation?
A mediation session may result in a short sale, which is a sale for less than what the homeowners owes on the mortgage. The bank or lenders may allow a home to be sold for less than the outstanding principal on the mortgage in some cases. This is always a better option than a foreclosure, if the lender allows it.
What is mandatory settlement conference?
A mandatory settlement conference, which is similar to other state’s mediation programs, may help both parties come to some type of arrangement, such as a loan modification, short sale, or another option that will stop the foreclosure process from proceeding.
Does the law apply for all mortgages?
Yes. At one time the conference only provided assistance for people with a subprime mortgage. However, the program has been expanded to include all types of home loans and mortgages, and not just subprime. This expansion of the program will assist tens of thousands of additional individuals and families across New York State. In addition, be sure to ask your attorney or HUD counselor about other government mortgage programs as you go through this process.
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 you re…
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 Compensatio...
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 statements to the borr…