Foreclosure Settlement Conferences

On May 7, 2012, in Foreclosure, by John A. Weber IV, ESQ.

Foreclosure Settlement Conferences

What you should know about Foreclosure Settlement Conferences!

Residential foreclosure defendants in New York are entitled to a preliminary foreclosure settlement conference that may enable a speedier and less expensive way of resolving their foreclosure issue than would otherwise be possible. The law requiring the conference – New York Civil Practice Law and Rules section 3408 – is beneficial for foreclosure defendants in a number of ways.

  • First, foreclosure settlement conferences are typically less expensive than trial. Thus a foreclosure settlement conference requirement alone is beneficial. But section 3408 does not simply require a conference – it also requires that parties engage in good-faith negotiation for the purpose of “determining whether the parties can reach a mutually agreeable resolution to help the defendant avoid losing his or her home.” Further, the law requires that parties periodically update the court about the negotiation, allowing courts to evaluate whether negotiations are made in good faith. It is rare that legislation requires parties to make good-faith efforts to reach a resolution that is favorable to the defendant, and foreclosure defendants should take advantage of this requirement.
  • Additionally, the law requires that the settlement conference occur within sixty days of the day proof of service is filed with the court, unless the parties agree to conference on another date. This allows foreclosure defendants to enter negotiations quickly, avoiding long periods of uncertainty that would certainly add stress to an already stressful situation.
  • The law also requires parties to bring certain documents to the conference, gives the court an opportunity to require additional documents, and forbids either party from charging the other for legal expenses associated with the conference. Foreclosure defendants may be able to use the conference period to find out information about their case that may otherwise only be obtained through a potentially expensive discovery process.

Foreclosure Attorneys in Nassau County

Of course, foreclosure defendants may appear at the conference with counsel, which may help them take full advantage of the procedure. The Law Firm of Vaughn, Weber & Prakope, PLLC routinely represents clients through all phases of a foreclosure action. If you are facing a foreclosure, and would like to speak with an attorney about a settlement conference, or any other step in the foreclosure process, feel free to call (516) 858-2620 today.

*Contributions to the research and preparation of this blog were made by Jason Mays, J.D. (awaiting admission in NYS).

Fighting Foreclosure After a Default Judgment.

On May 5, 2010, in Foreclosure, by Robbie L. Vaughn, Esq.

Default Judgment in Foreclosure

Your lender brought a mortgage foreclosure action and obtained a default judgment against you.

So, it’s game over and you are bound to lose your home to foreclosure, right? Not necessarily!

The scenario usually goes something like this:

Your mortgage lender brought a foreclosure action against you and allegedly had you served with a summons and complaint. You failed to hire a foreclosure defense attorney or respond to the summons and complaint. The lender proceeded with the foreclosure action and obtained a default judgment against you.  Now your home is set to be sold at a fast approaching foreclosure auction.

This is not a good situation for any homeowner.  However, you may still be able to defend the foreclosure action and save your home from foreclosure. You might even be able to get a loan modification before it is all said and done. To determine if any of this is possible, you need to contact a knowledgeable foreclosure defense attorney immediately. They will determine if there is still time and a chance to vacate the default judgment and defend the foreclosure action.

If you are facing this type of foreclosure or foreclosure in general, we may be able to stop the foreclosure and give you an opportunity to negotiate a loan modification. We were recently successful in stopping a foreclosure auction and getting the homeowner into a foreclosure settlement conference. The lender has expressed an interest in negotiating a loan modification for the homeowner.

Foreclosure Defense Attorneys in Mineola

As always, the Law Firm of Vaughn, Weber & Prakope, PLLC is here to assist you.  We are conveniently located in the heart of Nassau County, at 393 Jericho Turnpike in Mineola, NY 11501.  Contact us at (516) 858-2620 to arrange a consultation with a foreclosure defense lawyer.

Don’t hesitate, call a foreclosure defense attorney today! Because,It ain’t over till it’s over.” –Yogi Berra.

Please visit our Foreclosure category to learn more about foreclosure issues.

New York Foreclosure Law

On April 23, 2010, in Foreclosure, by Robbie L. Vaughn, Esq.

New York Foreclosure Law

New York Foreclosure Law

In 2009, Governor Paterson signed foreclosure legislation aimed at protecting homeowners and tenants.

Protection For Homeowners:

NY foreclosure law now requires that a 90-day pre-foreclosure notice be sent to all homeowners facing foreclosure. This notice is sent prior to the start of the foreclosure action and allows additional time for many homeowners to work with their lenders to prevent foreclosure. Previously, this notice was only sent to homeowners who had sub-prime loans. Caveat:  The 90-day notice period shall not apply, or shall cease to apply,  if the homeowner   does not occupy the 1-4 family dwelling as their principal residence.

This legislation also expanded the scope of the mandatory foreclosure settlement conference to include borrowers of all home loans.  The foreclosure settlement conference provides the homeowner with an opportunity to negotiate a loan modification with their lender. Previously, foreclosure settlement conferences were only available to homeowners who had sub-prime loans.

Protection For Tenants:

NY foreclosure law now requires that tenants, residing in foreclosed properties, receive written notification of the change in ownership of the property. The law also requires that the tenant be allowed to remain in  the  the foreclosed home for the remainder of their lease term or 90 days, whichever is longer.

New York Foreclosure Attorney

As always, the Law Firm of Vaughn, Weber & Prakope, PLLC is here to assist you.  Contact us at (516) 858-2620 to arrange a consultation with a foreclosure defense attorney.

Please visit our Foreclosure category to learn more about foreclosure issues.

The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation. This website is Attorney Advertising. It does not form an attorney-client relationship. We are a debt relief agency and a law firm that helps people file for bankruptcy relief under the U.S. Bankruptcy Code – Title 11. Prior results do not guarantee a similar outcome. Proudly assisting residents of Long Island, Nassau county, Suffolk county, New York City, Queens, Brooklyn, Bronx, Staten Island, Manhattan