In most parts of the country, the foreclosure crisis has mostly ended. But in New York, the high foreclosure rate has actually increased. The pre-foreclosure process is very hard on families in the Empire State. Many people spend hours waiting on hold, and they never talk to the same agent twice. Making matters worse, if the mortgage servicing company changes suddenly, the homeowner may have to start the mortgage modification or other process over.

To reduce these problems, New York lawmakers created foreclosure settlement conferences. Banks and homeowners sit down face to face in a court-supervised meeting. FSCs give homeowners a great chance to favorably resolve delinquency issues, and at Roemerman Law, we help you make the most of this chance. Our well-prepared attorneys have an excellent reputation, and we are committed to the best possible negotiated settlement under the circumstances.

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Starting the Conference

Typically, as soon as the bank files a foreclosure lawsuit, the Supreme Court judge refers the matter to an FSC.

Although this conference does not officially start until the court’s representative opens the meeting, negotiations usually begin at the pre-conference phase. Attorneys from Roemerman Law and from the bank informally discuss the issues. These conversations give us a chance to assert your rights and seize the initiative.

The representative who manages the meetings is not a judge, but this person is an attorney who represents the Supreme Court and has some expertise in mortgage, banking, and foreclosure matters.

During the talks, which the court’s representative supervises, both parties have a duty to negotiate in good faith. In other words, the bank must be willing to make sacrifices to get a deal made. If the bank refuses to do so or drags its feet, the court’s representative could impose penalties, such as a fine and suspension of interest payments on the loan.

Ending the Conference

A loan modification is the ultimate goal of an FSC, and as mentioned, this modification is usually in everyone’s best interests. However, the conference could last for several meetings. During this time, we carefully keep an eye on the foreclosure matter, because the clock is ticking.

If the bank approves the application, the court usually schedules one more conference to ensure that the process is moving forward in a timely manner.

During Foreclosure Settlement Conferences, banks cannot deny loan modifications without a solid basis, such as clearly inappropriate financial numbers. In this case, the homeowner may either appeal the denial or proceed to litigation.

Assertive representation at the Foreclosure Settlement Conference could result in a loan modification. For a free consultation with an experienced New York foreclosure attorney, contact Roemerman Law, P.C. We routinely handle matters in Queens County and nearby jurisdictions.

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