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.