Mortgage Mediation Law

New York State has initiated a mortgage intervention program for the purpose of assisting homeowners in obtaining mortgage modifications. In the State of New York there is a mortgage mediation program that is mandatory. Mortgage mediation court dates are scheduled prior to foreclosure lawsuits entering into the more heavily litigated phase. The purpose of this mortgage mediation process is to ensure that homeowners and financial institutions can meet for the purpose of working out a mortgage modification settlement of the case and eliminating the need to continue moving forward with the foreclosure lawsuit. Pursuant to the mortgage modification conferences, the homeowners and the bank attorneys meet for the purpose of working out a reasonable modification of the interest rates, length of the mortgage, waiver of fees, and other alternatives to continuing with the foreclosure litigation.

Mandatory Modification Mediation Law

Under this law enacted by Governor Andrew Cuomo, a settlement conference must be scheduled within sixty days after the service of the Summons and Complaint by the attorneys for the financial institution. During this period of time, the court suspends the legal process of the foreclosure lawsuit moving forward until the mediation conferences are concluded. All parties are directed to attend these mediation conferences. The financial institution’s attorney must attend and he or she must have legal authority to mediate a settlement with regard to the mortgage modification.

Counsel for Homeowners

The most effective way for a homeowner to be successful at the mortgage mediation conferences is to retain an experienced foreclosure defense lawyer to appear for the homeowner and negotiate on their behalf. The Law Office of Elliot Schlissel attends approximately five to ten of these mediation conferences each and every week. Our legal team has participated in hundreds of conferences. We have negotiated successful mortgage modifications for dozens of our clients. We have an expertise with regard to the nuances of the mandatory mortgage modification law and how this process works.

Review of Homeowners Finance

During the mortgage modification conferences the homeowners financial circumstances are reviewed and evaluated for the purpose of seeing to it as to whether a mortgage modification that will meet the homeowner’s needs can be worked out. The financial institution looks into the homeowner’s income, expenses, and assets during the course of the mortgage mediation.

Put A Successful Team On Your Side

The attorneys at the Law Offices of Schlissel DeCorpo have saved scores of homeowners from losing their homes. Put our team to work to help you obtain a successful mortgage modification regarding your home.