Many counties throughout the Tri-State area have now instituted a procedure by which a homeowner and the bank or other financial institution attempting to foreclose on the home participate in a series of foreclosure conferences, attended generally by the attorney for the bank and either the homeowner, or the homeowner's attorney, though our office always encourages the homeowner to attend as well if they wish to do so.
At the conferences, the parties will discuss what the homeowner's intentions are, and many times the bank or other financial institution will allow the homeowner apply for a loan modification to attempt to modify the loan, generally by either lowering the interest rate and/or putting the missed payments at the end of the loan. The bank will request that the homeowner provide certain information. Our office assists our clients in navigating the loan modification process, with the hope that a successful modification will allow the client to save their home. In the meantime, we continue to participate in the discovery process in the foreclosure action. To speak with an Queens foreclosure attorney at our office, contact us today to schedule an appointment!