Foreclosure Settlement Conference

On August 28, 2010, in Foreclosure, by Robbie L. Vaughn, Esq.

Foreclosure Settlement Conference

Purpose of the Foreclosure Settlement Conference

According to New York law (RPAPL 3408), the purpose of the foreclosure settlement conference includes, but is not limited to, “…determining whether the parties can reach a mutually agreeable resolution to help the defendant avoid losing his or her home, and evaluating the potential for a resolution in which payment schedules or amounts may be modified or other workout options may be agreed to, and for whatever other purposes the court deems appropriate.”

At the foreclosure settlement conference:

  • Both the plaintiff and defendant are required to negotiate in good faith to reach a mutually agreeable resolution, including a loan modification, if possible.
  • The defendant will be required to provide the lender or it’s servicer with financial documentation.
  • The plaintiff will be required to review the documentation to determine if the parties can reach a resolution to avoid foreclosure.
  • On each conference date, there will likely be several dates, each party must report the status of negotiations to the Judge and explain any issues that have arisen.
  • If a settlement agreement or loan modification is achieved, the plaintiff must file a notice of discontinuance and vacatur of the lis pendens within one hundred fifty (150) days after the agreement is fully executed.

IMPORTANT: The scheduling of a foreclosure settlement conference does not relieve you of your obligation to respond to the plaintiff’s summons and complaint in a timely manner (see our earlier post “Foreclosure Summons and Complaint“).

The Law Firm of Vaughn, Weber & Prakope, PLLC routinely represents homeowners facing foreclosure at settlement conferences.  Typically, we obtain and/or attend foreclosure settlement conferences as part of our defense to the foreclosure action brought against our client.  However, we will represent homeowners at just the foreclosure settlement conference.

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 lawyer.

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

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Foreclosure Settlement Conference Eligibility

On August 14, 2010, in Foreclosure, by Robbie L. Vaughn, Esq.

Am I Eligible For A Foreclosure Settlement Conference?

Generally, you are eligible for a Mandatory Foreclosure Settlement Conference if:

  • The foreclosure action was commenced against you after February 13, 2010, OR
  • Your case was commenced between September 1, 2008 and February 13, 2010, and involves a subprime, high-cost or nontraditional loan, and
  • The property is 1-4 family home or condominium, and
  • You occupy the property as your principal place of residence.

The court is required to schedule the mandatory foreclosure settlement conference within 60 days after you have been served with the foreclosure summons and complaint. Even where a settlement conference is not mandatory, you or your attorney may request one.

IMPORTANT: Please note that the scheduling of a foreclosure settlement conference does not relieve you of your obligation to respond to the plaintiff’s summons and complaint in a timely manner (see our earlier post “Foreclosure Summons and Complaint“).

As always, The Long Island 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.

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Foreclosure Summons and Complaint

On August 6, 2010, in Foreclosure, by Robbie L. Vaughn, Esq.

I was just served with a foreclosure summons and complaint, what should I do?

You should respond!

The summons tells you that a foreclosure action has been filed and that you have twenty (20) or thirty (30) days to respond.  The complaint tells you why the foreclosure action was brought.

There are several different ways for you to respond to the foreclosure action (see our earlier post  “What Can I do if I’m facing Foreclosure”).  However, many of these responses won’t stop the foreclosure action or prohibit the bank from obtaining a default judgment against you.  Generally, a default judgment will be issued if you fail to file an answer or other legal response when it is due.  It is possible to defend a foreclosure action after a default judgment (see our earlier post “Defending Foreclosure after a Default Judgment”), but it is very risky, more difficult and will likely be more expensive.  Therefore, it is best to avoid having a default judgment entered against you.

You should consider consulting  a competent foreclosure defense attorney ASAP!

As always, The Long Island 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.

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