What to Expect at a Foreclosure Settlement Conference
New York State implemented a new mediation program called the foreclosure mediation program in an effort to help stifle the foreclosure epidemic. The program, in essence, is designed to give homeowners the chance to meet with their lender at a mutually agreeable setting instead of in court. At the conclusion of the mediation, if both sides can agree, then a foreclosure will be issued to the homeowner. This alternative to filing bankruptcy protects many New Yorkers from foreclosure.
The foreclosure defense attorney who you hire to represent you at the negotiation conference should be very experienced and well versed in these types of proceedings. There are numerous resources for finding a New York foreclosure lawyer and the majority of them will have websites. The National Association of Attorneys General (NAAG) provides a list of qualified attorneys in New York, and each state, that specializes in foreclosure law. Some of these resources even provide online classes.
You should not feel intimidated when you meet with your New York lien conference panel counsel, and you should leave the meeting prepared and confident that you have chosen the right attorney for your case. Each situation is different, so it is important that you discuss the steps you need to take with your loan modification specialist before the first conference. If you have any doubts about your ability to negotiate successfully, then you should consider retaining the services of another experienced attorney to act as a go-between for you and the bank. Your attorney should encourage the parties involved in the foreclosure settlement conferences to resolve their differences in a way that benefits you.