Does bank review automatically put foreclosure on hold?

Question: Our bank said that our mortgage qualifies for a review. There are no motions that were granted by the judge yet. Actually, our court process is just in the beginning stages. I was wondering if a judge could make a decision while we are waiting for a review to be done? Can foreclosure be put on hold while we are in review?

Response: The review process that you are referring to is the bank’s review of your financial documents for a loan modification. Foreclosure process, today, from start to finish, takes a quite long time. In NY, before a judge could render any decision (Judgment, Order of Reference, or Motion for Summary Judgment), you are first required to attend a mandatory court settlement conference. While you are in the settlement conference part, your foreclosure action is stayed, or put on hold. That means the bank cannot move forward with its foreclosure process, the judge cannot render any decisions, and definitely, no sale at an auction can be scheduled. However, even if you are past the settlement conference stage and are approaching a Judgment stage, the bank can still review and approve you for a loan modification, which would essentially end the entire foreclosure proceeding. Just remember: it is in the bank’s best interest to try to modify your loan rather than to foreclose.

In the legal blog, Attorney Svetlana Kaplun addresses typical questions our firm has received from our clients, or come across from homeowners related to foreclosure, foreclosure defense, loan modification and bankruptcy topics.

The information contained in the legal blog of Attorney Svetlana Kaplun is for informational purposes only, and should not be construed as a legal advice on any subject matter. Please read our full disclaimer or contact the Law Office of Svetlana Kaplun, P.C. by telephone at 718-444-1115 for more information.

Copyright © 2012 Law Office of Svetlana Kaplun, P.C.

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3 Comments

Filed under Legal Blog of Attorney Svetlana Kaplun

3 responses to “Does bank review automatically put foreclosure on hold?

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