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 FORECLOSURE DEFENSE NEWS AND INFORMATION - New York
 

Foreclosure defense forms must be drafted to comply with the laws of your State. Standardized forms for all States are generally not acceptable. We provide attorneys and you with the state-specific forms that are correct and valid. Free Previews available. All forms are available in Word format.







NEW YORK STATE'S RESPONSE TO THE FORECLOSURE CRISIS: THE FORECLOSURE PREVENTION AND RESPONSIBLE LENDING ACT

The nationwide foreclosure crisis has affected every state in the country, including New York. In response to the crisis, the New York legislature enacted The Foreclosure Prevention and Responsible Lending Act, which became effective in August, 2008. That newly implemented law seeks to required mandatory settlement conferences in cases that involve high-cost, "sub prime" home loans. The scheduling of a conference in sub-prime mortgage foreclosure cases is intended to encourage a serious evaluation of whether the parties can avoid reach alternative solutions, such as payment schedules and mortgage modifications. The ultimate goal of the legislation is to help homeowners in distress remain in their homes.

Despite the court options that are available to them, the vast majority of New York mistakenly sit back and wait for the foreclosure process to take its course. In a report earlier this month, New York radio station WNYC reported that only 400 homeowners appeared in court for conferences, of the total 5000 that were eligible for the program.

By responding to a lender's foreclosure complaint (through the filing of an answer) homeowners can assert defenses that are often available to them, and gain leverage and opportunities to avoid the loss of their homes. By downloading an answer to a lender's foreclosure complaint, many homeowners discover that they have a variety of options, even if they are behind on their mortgage payments.

By downloading and filing an answer to foreclosure, homeowners protect their rights, and, quite often, avoid the loss of their homes.


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This compendium of mortgage foreclosure forms, information and news is provided to homeowners, legal organizations, and the general public as a free public service by Empire State Legal Forms, Inc. The information and forms provided on this site are not legal advice, but general information on legal issues commonly encountered. We are not a law firm, and our forms are not a substitute for an attorney or law firm. We provide legal forms at your specific direction. because the law changes rapidly, we cannot guarantee that all of the information on this site is completely current. The law is different from jurisdiction to jurisdiction, and may be subject to interpretation by different courts. The law is a personal matter, and no general information or legal tool can fit every circumstance. Furthermore, the legal information contained on this site is not legal advice and is not guaranteed to be correct, complete or up-to-date. Therefore, if you need legal advice for your specific problem, or if your specific problem is too complex to be addressed by our tools, you should consult a licensed attorney in your area.

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