Foreclosure Settlement Conferences
Pursuant to New York CPLR 3408, defendants in residential foreclosure actions are entitled to appear at Foreclosure Settlement Conferences to negotiate with their lenders in an environment which encourages settlement options, including loan modification. These conferences give homeowners the chance to apply for a loan modification of their mortgage under the supervision of a New York State Supreme Court Judge, who will seek to ensure that the banks give each and every homeowner a full and fair review for an affordable modified monthly mortgage payment under all available programs, including the federal Home Affordable Modification Program, (HAMP.) Though many borrowers attend these conferences without the aid of a
foreclosure defense attorney, this is often a tragic mistake. An experienced foreclosure lawyer will be sure to observe and point out any “bad faith” on the part of a lender which may be helpful in a borrower’s efforts to obtain a modification or defend their foreclosure action. Moreover, a skilled foreclosure attorney will know how to manage the loan modification application process to ensure that their clients are given as many settlement conferences as possible before the action against them is allowed to proceed. This is critical, as it can substantially increase the chance of their clients successfully obtaining a loan modification, which will result in the foreclosure action being withdrawn, and their home being saved. If you receive notice of a foreclosure action being brought against you, or of Foreclosure Settlement Conferences being scheduled, it is critical to retain the services of a skilled
foreclosure defense attorney. Call the
Radow Law Group, P.C. at
(516) 338-7800 to schedule a free consultation today.
