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Law Firm of VAUGHN, WEBER & PRAKOPE, PLLC | New York Personal Injury Attorneys
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.
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).
Foreclosure defense is a large part of our law practice. We are currently defending foreclosures brought by GMAC, Chase, Bank of America, Wells Fargo etc. For the most part, we have not seen much evidence of these lenders suspending current foreclosure actions. They are still opposing our motions, replying to our answers, and having counsel attend the Mandatory Foreclosure Settlement Conferences on their behalf.
However, we have had several recent loan modification offers, requests for adjournments, and at least one major lender is attempting to discontinue their foreclosure action against one our clients. We were able to achieve the foregoing results by raising and vigorously litigating the “faulty/fraudulent paperwork” that is a part of many foreclosure actions.
So, we know what the headlines say, but we have YET to receive any calls from any lenders or their attorneys saying “Hey, we are discontinuing all of our foreclosures in NY.” We look forward to that day, but until then, we will keep raising the issues and fighting for our clients.
As always, The Foreclosure Defense Law Firm of VAUGHN & WEBER, PLLC is here to assist you. We are conveniently located in the heart of Nassau County, Long Island, at 217 Willis Avenue in Mineola, NY 11501. Contact us at (516) 858-2620 to arrange a consultation with a foreclosure defense lawyer.
Please visit our Foreclosure category to learn more about foreclosure issues.
In 2009, Governor Paterson signed foreclosure legislation aimed at protecting homeowners and tenants.
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.
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.
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