Foreclosure Pre-Foreclosure Settlement Conference Procedure
We help victims of foreclosure save their homes on a consistent basis. You are probably reading this because you got a letter from the court telling you to come to a foreclosure settlement conference. A foreclosure settlement conference is held before a judge or another representative of the court. It is a meeting between you, the court and your mortgage loan servicer or mortgage lender (we refer to this as "your bank"). The goal of the settlement conference is to see if your foreclosure problem can be resolved through a loan modification without further court involvement. Our attorneys are not only trained in handling simple foreclosure defense matters, we also take care of complex foreclosure litigation in the event of a foreclosure proceeding or receipt of a notice of service from a summons and complaint in Nassau County, Suffolk County, Queens County, Bronx, Westchester, Richmond County, Manhattan and Brooklyn Kings County New York. Our foreclosure defense attorneys are there to help you and your family save your home.
A resolution is more likely if you prepare for your settlement conference with the right attorney.
The Attorneys at The Christine Thea Rubinstein Law Firm devotes a significant part of their firm to the area of foreclosure defense. We provides a wide range of attorney foreclosure defense services helping families with facing residential foreclosure and business owners with commercial property facing foreclosure. From initial foreclosure defense negotiations to loan modifications, including drafting of a summons and complaint. Get a Free Settlement Conference Consultation today with one of our foreclosure defense attorneys.
Contact Us Today 1-800-200-1529
Suffolk, Nassau, Queens and Brooklyn, Kings County New York, Settlement Conference Hearing Attorneys. Find out what a settlement conference is. Apply Free for a Mortgage Loan Settlement Conference Consultation today.
Settlement conferences for subprime, non-owner occupied and high-cost and nontraditional loans are part of a new program in the New York. The settlement conference is supposed to help these homeowners resolve their mortgage loan foreclosure situation.
You don't have to agree to anything at a settlement conference that you are not comfortable with. It is in your best interest to have an attorney that knows how to protect your legal rights in regards to New York Foreclosure. It is up to you whether you attend the conference, with your attorney, but the settlement conference may be a good opportunity for you to work out your mortgage problems with your attorney present in front of a judge. You can make the most of this opportunity by hiring an attorney that will get you prepared and whom will present an offer to the lender before or at the beginning of your settlement conference trial.What is a Settlement Conference? Who attends a settlement conference?
New York law requires the bank to have a representative available in person or by phone at the settlement conference in addition to an attorney. Someone with the authority to negotiate an agreement with you must be available during the conference. They can work with your attorney to resolve the open foreclosure, resolve the foreclosure through a loan modification or offer you a forbearance agreement.
A Judge, Referee or Judicial Hearing Officer leads the conference. This person's job is to treat both sides fairly, hear both side's stories and assist both parties in trying to resolve the case (for example, modifying the terms of the loan so the borrower can afford to pay the monthly mortgage payments).
If you want to win, and save your home from foreclosure; be prepared for your Settlement Conference Hearing!
Homeowners should prepare for a settlement conference with an experienced and qualified attorney. This page only touches on what must be done to save your home and stop foreclosure proceedings thorough a settlement conference. You may have legal claims which are not reviewed here. We strongly encourage that all homeowners seek legal advice with a qualified and experienced foreclosure defense lawyer; in addition to using this page to prepare for the settlement conference. If you did not file an Answer to the Summons and Complaint, you should get proper foreclosure defense legal advice right away.What is a Settlement Conference?
On December 1, 2008, the New York State Unified Court System began sending notices to all borrowers in default who have high cost mortgages, whose mortgages were being foreclosed prior to September 1, 2008, offering voluntary settlement conferences. Borrowers with high cost mortgages whose mortgages entered or are entering into foreclosure from September 2008 on, will be required to attend a mandatory mortgage loan settlement conference prior to a foreclosure proceedings. High cost loans are considered to have excessive fees, risk-based sub-prime percentage rates, negative amortizing payment options, and other features which may or may not be considered predatory lending practices.
The foreclosure proceedings are effectively stopped until the referee or judicial hearing officer (JHO) in the settlement conference determines that the settlement conferences are concluded, either because the parties have successfully modified the home loan or obtained some other foreclosure alternative or the referee has determined that one of the parties has not satisfied its requirements under the law. Settlement conferences do not produce formal dispositions but may facilitate loan modifications and stop foreclosure. The referee or JHO will make a recommendation to the judge overseeing the foreclosure proceedings once the settlement conference procedure has been concluded.What Do I Need When Asking for a Loan Modification?
While every bank and case is different, a good foreclosure defense attorney should have you prepared to provide some or all of the following when requesting a home loan modification:
- Was there mortgage loan fraud involved on the lenders part?
- Did you lose your job?
- Was there a medical emergency?
- Did you struggle to make mortgage payments right from the beginning?
- Did you get stuck with a mortgage that you couldn't afford?
- Did you fall behind when your interest rate went up?
- Were there escrow shortages or additional escrow charges?
- Did you get behind because you had to make essential repairs to your home?
- Did the bank start applying your payments to your late fees?
- Did you think the monthly payments would be lower? Why?
- Any other reasons you have? For example, not showing enough on your tax returns.
- A Hardship Letter.
What rights do you have at the mortgage loan settlement conference?
At the conference, you have the right to:
- Have an attorney assist you.
- Speak with an attorney or other advisor before reaching any decision.
- Have anything explained to you.
- Accept or reject all or part of any proposal from the bank.
- Make an offer to the bank or propose changes to the bank's offer.
- Ask for an "adjournment," or rescheduling, of the conference for a good reason.
- Ask to receive copies of any documents related to your case such as the payment history (to make sure the charges and amount due are correct), the loan file, and proof that the bank really owns the note (the bank can only foreclose if it owns the note and mortgage).
- Ask the bank's attorney to explain how any amounts were calculated. This includes an explanation of each and every fee the bank claims you owe.
- Receive translation assistance at the conference and for key documents received from the court.
Apply Free for a Settlement Conference Consultation today.
Consider asking the bank to do some, or all, of the following to modify your loan:
- Lower your interest rate; Change from an adjustable rate loan (ARM) to a fixed rate loan.
- Forgive or reduce interest owed / past due.
- Waive late charges and other fees.
- Forgive or reduce the loan principal (lower the amount you owe).
- Extend the term of the mortgage (make the term longer).
You should know you have certain legal rights and must be very selective of the Lawyer or Law Firm that you chose to represent you.
Have an attorney council you on the right decision for your family. Get a free attorney foreclosure defense consultation today at The Christine Thea Rubinstein Law Firm Attorneys at Law.
Pursuant to Chapter 507 of the Laws of 2009, homeowners in danger of foreclosure are entitled to participate in court settlement conferences with their lenders, if the following criteria are met:
- The case involves residential property; and
- The property is a 1-to-4 family owner occupied dwelling or condominium
If you meet the above criteria, a Foreclosure Settlement Conference is mandatory provided the case was commenced on or after February 13, 2010. The court will schedule the conference within 60 days after you have been served with court papers.
If your case was commenced before February 13, 2010, a settlement conference is not mandatory, but you may request a conference by contacting the Clerk’s office of the court where your case is pending. Please note, however, that if your case involves a subprime, high-cost or nontraditional loan and was commenced between September 1, 2008 and February 13, 2010, a settlement conference is mandatory and you should contact the Clerk’s office of the court where your case is pending to confirm the date of the conference.
Please be aware that the court conference and/or the scheduling of a conference does not relieve you of your obligation to respond to the plaintiff’s papers in a timely manner. If you come to the conference without an attorney, you may be entitled to a court-appointed lawyer.
At the conference, the court will:
- discuss the rights and obligations of the parties.
- determine whether the parties can reach a resolution to avoid foreclosure.
- evaluate workout/settlement options such as payment schedules or loan modifications.
- design a plan to streamline subsequent court proceedings if a settlement cannot be reached.
Talk to a foreclosure defense lawyer today at The Christine Thea Rubinstein Law Firm
We are dedicated to your success — so contact us. Speak with one of our knowledgeable Long Island Foreclosure Defense, Foreclosure litigation attorneys today from wherever you are in New York in Nassau and Suffolk, Brooklyn, Kings and Queens Counties, on Long Island and all New York City boroughs.
Get help with your settlement conference now before it is too late. be prepared, you have only one chance of getting your Settlement Conference done correctly the first time.
Have an Attorney council you on the Right Decision for You.
About the Website of The Christine Thea Rubinstein Law Firm and the legal information on the screen above: We hope you find this information useful and informative, but it is not the same as legal counsel. A free website is ultimately worth everything it costs you; you rely on it at your own risk. This website and any other website on this legal topic does not substitute real legal advice, face to face with an attorney. Good legal advice includes a review of all of the facts of your situation, including many that may at first glance seem to you not to matter. The plan it generates is sensitive to your goals and wishes while taking into account a whole panoply of laws, rules and practices, many not published online. Speak with an attorney today to help resolve any legal issues that you and your family may be facing.
The lawyers at The Christine Thea Rubinstein Law Firm are dedicated to your success — so contact us. Speak with one of our knowledgeable Long Island foreclosure and loan modifications, will and estate planning, living trust estate litigation attorneys today from wherever you are in New York in Nassau and Suffolk, Brooklyn, Kings and Queens Counties, on Long Island and all New York City boroughs including Bronx, Westchester, Richmond County, and Manhattan. Call 1-800-200-1529 today.
Call 1-800-200-1529 today.
Get help with your loan modification, foreclosure case now be properly prepared for your loved ones with the proper foreclosure plan. You should know you have certain legal rights and must be very selective of the estate law lawyer or elder law firm that you chose to represent you with your foreclosure litigation.
Call 1-800-200-1529 today.
You should know you have certain legal rights and must be very selective of the lawyer or law firm that you chose to represent you. Have an attorney council you on the right decision for you and your family.