Brooklyn Foreclosure Settlement Conferences Can Save Your Home

Brooklyn Foreclosure Settlement Conferences Can Save Your Home

New York law requires mediation to assist borrowers to avoid foreclosure. Brooklyn Foreclosure Settlement Conferences allow borrowers a face-to-face meeting with their lender. Homeowners can also benefit even if they can't afford to keep their homes.

What Are Brooklyn Foreclosure Settlement Conferences?

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Typical Brooklyn foreclosure settlement conferences are a meeting between you and your lender. Additionally, the settlement conference provides an opportunity to work out a deal with your lender.

You and your lender try to negotiate a way for you to keep the home. You may also be able to negotiate a Cash-For-Keys deal or a Deed-In-Lieu of foreclosure. These two options are especially relevant if you have to give up the property. 

Potential outcomes of a settlement conference include:
  • loan modification, or
  • forbearance agreement, or
  • short sale, or
  • deed in lieu of foreclosure.

New York Foreclosure Law and Brooklyn Settlement Conferences

New York performs their Foreclosures judicially. Hence, this means the lender must foreclose through the state court system. Therefore, the lender initiates the foreclosure. They file a complaint against the homeowner and then the court then serves the summons on the borrower.

In addition, New York law requires a settlement conference within 60 days of the filing of the proof of service. 

Homeowners are entitled to a court settlement conference during foreclosure. The property must also fit the following criteria:
  • residential, and
  • owner-occupied, and
  • a one to four unit family dwelling or condominium.

Read more at MFI-Miami

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