New York State Legislature Shortens Foreclosure Proceedings

The state legislature signed Chapter 73 of the Laws of New York into law during the summer in an attempt to shorten foreclosure proceedings. New York foreclosure proceedings are some of the longest in the United States, and are now subject to expedited measures, including a notable amendment to CPLR §3408 shortening the timeline of the mandatory foreclosure settlement conference. The settlement conference requirement allows a borrower to negotiate with their lender in the hopes of preventing the borrower from losing his or her home, and previously delayed actions by an average of nine months. It was amended to require borrowers to bring necessary legal documents (such as tax returns, property taxes, benefits information, etc.) to the initial conference with the judge. The legislature hopes that this will shorten the proceedings, by allowing judges to determine if a borrower is eligible for reinstatement, loan modification, or payoff as a settlement option at an earlier date.

All materials and information on this web site are presented for informational purposes only. Nothing contained on this site is intended to constitute legal advice. While every effort is made to ensure accuracy of the material and information provided, no guarantee is made regarding its accuracy. No reliance should be made upon the information contained in this site without first seeking the advice of qualified counsel. No attorney-client relationship is established by the use of, or reliance upon, the materials or information contained on this site. While any information you may submit to our firm, once received, will be treated as confidential, any inquiry made by e-mail or by submission of written inquiry, online or otherwise, does not establish an attorney-client relationship. An attorney-client relationship with our firm may only be established via written retainer agreement, executed by a member of our Firm.