New York, Settlement Conference Hearing Attorneys.
What is a settlement conference?

Apply Free for a Settlement Conference Consultation today.

Settlement conferences for subprime, high-cost and nontraditional
loans are part of a new program in the New York. The conference is supposed to help homeowners resolve their foreclosure.

You don't have to agree to anything at a settlement conference.
Neither does the lender. It is up to you whether you attend the
conference but the settlement conference may be a good
opportunity for you to work out your mortgage problems with your attorney present in front of a judge.

You can make the most of this opportunity by coming prepared to
present an offer to the lender before or at the beginning of your settlement conference.

What is a Settlement Conference?

Who attends a settlement conference?

New York law requires the bank to have a representative available in person or by phone at the settlement conference in addition to an attorney. Someone with the authority to negotiate an agreement with you must be available during the conference. They can work with your attorney to resolve the foreclosure and get you a forbearance agreement.

A Judge, Referee or Judicial Hearing Officer leads the conference. This person's job is to treat both sides fairly, hear both side's stories and assist both parties in trying to resolve the case (for example, modifying the terms of the loan so the borrower can afford to pay).

Be prepared for your Settlement Conference Hearing!

Homeowners should prepare for a settlement conference with an experienced and qualified attorney. This page only covers how to prepare for a settlement conference. You may have legal claims which are not reviewed here. We strongly encourage all homeowners
to seek legal advice with a qualified and experienced lawyer; in addition to using this page to prepare for the settlement conference. If you did not file an Answer to the Summons, you should get legal advice right away.

You are probably reading this because you got a letter from the court telling you to come to a settlement conference. A settlement conference is held before a representative of the
court. It is a meeting between you, the court and your servicer or lender (we refer to this as "the bank"). The goal of the settlement conference is to see if your foreclosure problem can
be resolved without further court cases.

A resolution is more likely if you prepare for your settlement conference.

What Do I Need When Asking for a Loan Modification?

While every bank and case is different, you should be prepared to provide some or all of the following when requesting a home loan modification:

* Did you lose your job?
* Was there a medical emergency?
* Did you struggle to make mortgage payments right from the beginning? (If so, you need to fully explain how you got a mortgage you couldn't afford.)
* Did you get behind when your interest rate went up?
* Did you get behind because you had to make essential repairs to your home?
*  Did the bank start applying your payments to late fees?
* Were there escrow charges?
*  Did you think the monthly payments would be lower? Why?
*  Any other reasons you have? returns

The Hardship Letter
What rights do you have at the conference?

At the conference, you have the right to:
 
*  Have an attorney assist you;
*  Speak with an attorney or other advisor before reaching any decision
*  Have anything explained to you
*  Accept or reject all or part of any proposal from the bank
*  Make an offer to the bank or propose changes to the bank's offer
*  Ask for an "adjournment," or rescheduling, of the conference for a good reason;
*  Ask to receive copies of any documents related to your case
such as the payment history (to make sure the charges and amount due are correct), the loan file, and proof that the bank really owns the note (the bank can only foreclose if it owns the note and mortgage)
*  Ask the bank's attorney to explain how any amounts were calculated. This includes an explanation of each and every fee the bank claims you owe.
*  Receive translation assistance at the conference and for key documents received from the court.

These are ways your loan can be changed:

Apply Free for a Settlement Conference Consultation today.

Consider asking the bank to do some, or all, of the following to modify your loan:

* Lower your interest rate; Change from an adjustable rate loan (ARM) to a fixed rate loan
* Forgive or reduce interest owed / past due
* Waive late charges and other fees
* Forgive or reduce the loan principal (lower the amount you owe)
*  Extend the term of the mortgage (make the term longer)