Westchester County and Putnam County just became more favorable places to have a Foreclosure Settlement Conference for non-performing note investors in lieu of a new unwritten rule of the Part.
Previously, if a borrower failed to appear at the first scheduled settlement conference, which is mandated by CPLR §3408, the appearing attorney for the noteholder would be unsuccessful at having the matter released from the foreclosure settlement conference part as the policy was not to default non-appearing borrowers the “first time on.” Instead, attorneys for individuals and large institutions that own non-performing notes were required to re-notice the borrower of the next available conference date, which traditionally was not scheduled for two-three months later due to heavy volume.
Now, the time in the conference stage, especially for non-appearing borrowers has been dramatically as there is no longer a re-notice requirement for first time “no shows”. Because the conference lag time has been cut down and foreclosure actions are able to proceed much more quickly, Westchester and Putnam County have spurred even greater interest from NPN investors.
Should you have any questions on NPN’s in these Counties specifically or any foreclosure matter in NY/NJ please follow the link below to contact me directly.
Written by: Michael Derosa, Esq.
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