ALBANY, N.Y., Feb 14 (Reuters) - A new court initiative will allow all New York homeowners facing foreclosure to obtain legal representation and streamline the process of settling mortgage disputes out of court, Chief Judge Jonathan Lippman said Tuesday during his annual State of the Judiciary speech. The "unprecedented" deal between the state, legal service groups and four large banks -- Wells... [more]
ALBANY, N.Y., Feb 14 (Reuters) - A new court initiative will allow all New York homeowners facing foreclosure to obtain legal representation and streamline the process of settling mortgage disputes out of court, Chief Judge Jonathan Lippman said Tuesday during his annual State of the Judiciary speech.
The "unprecedented" deal between the state, legal service groups and four large banks -- Wells Fargo, Citibank, Chase and Bank of America -- includes the creation of a new court part that will hear only foreclosure settlement conferences, Lippman said. Each week of the month will be dedicated to a different bank, with one attorney assigned to handle all cases for that lender.
"There will be no more excuses, no more delays," Lippman said. "Real negotiations will take place, and homeowners will leave the table with the best available offer."
The court system, Lippman said, is seeking to avoid scenarios that can delay settlement conferences for years, including homeowners being told their paperwork is out-of-date and lawyers for banks claiming to have incomplete sets of documents.
The program will kick off in New York City, where non-profit legal service groups have agreed to represent all homeowners entering the settlement conference process. The new part will not launch for "at least a couple of months," said Paul Lewis, who helps coordinate courts' handling of foreclosure proceedings for the Office of Court Administration.
http://newsandinsight.thomsonreuters.com/New_York/News/2012/02_-_February/Chief_judge_announces_new_foreclosure_court_part_in_state_of_judiciary_speech/[less]
Response by Sunday
about 14 years ago
Posts: 1607
Member since: Sep 2009
Interesting they are kicking off the program in NYC.
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Response by w67thstreet
about 14 years ago
Posts: 9003
Member since: Dec 2008
We will cure and mend the the drug problem at our high schools! Problems that we do not have!
We will cure your wife's herpes, stds our family does not have!
We are creating a committee to look into congressional insider trading. Congress DOES NOT do insider trading cause we are ethical!
We will un post date all our stk options, We do NOT post date our options for our executives!
Flmaozzzzzzzzzzzz. Uh, I dunno. I guess the delinquency backlog must be really small to have of the largest lenders in manhattan rotate their caseload every 4 weeks. Flmaozz.
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Response by w67thstreet
about 14 years ago
Posts: 9003
Member since: Dec 2008
Renovate for $250psf or buy new for $299psf?
Great to be a renovator! Coupla trips to home depot. $5k for hardware. Booom! Money. Baby!
Yeah, the bubble shrinks for everyone.....
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Response by Sunday
about 14 years ago
Posts: 1607
Member since: Sep 2009
Which will come first, unemployment under 8% in NYC or meaningful increase in foreclosure sales?
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Response by rb345
about 14 years ago
Posts: 1273
Member since: Jun 2009
The new policy will enormously reduce demands on the judicial system
and will clear cases much more quickly.
It is in many respects a blessing for lenders because it will give them
an opportunity to communicate with their borrowers and to get a better
understanding of borrower problems.
In instances where previously unemployed borrowers are back at work and
can again make their monthly payments, adding their arrears into their
loan will often make much more sense than foreclosing, and help lenders
to avoid 8-10 figure losses.
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Response by notadmin
about 14 years ago
Posts: 3835
Member since: Jul 2008
> it will give them an opportunity to communicate with their borrowers and to get a better understanding of borrower problems.
yep, banks are so interested to hear those problems! it's going to be kind of like being invited to Dr Phil
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Response by caonima
about 14 years ago
Posts: 815
Member since: Apr 2010
did those crooks always announce budget cuts? where the fvck they got the money to waste on a trash court this time?
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Response by dwell
about 14 years ago
Posts: 2341
Member since: Jul 2008
"The program will kick off in New York City, where non-profit legal service groups have agreed to represent all homeowners entering the settlement conference process. "
Interesting they are kicking off the program in NYC.
We will cure and mend the the drug problem at our high schools! Problems that we do not have!
We will cure your wife's herpes, stds our family does not have!
We are creating a committee to look into congressional insider trading. Congress DOES NOT do insider trading cause we are ethical!
We will un post date all our stk options, We do NOT post date our options for our executives!
Flmaozzzzzzzzzzzz. Uh, I dunno. I guess the delinquency backlog must be really small to have of the largest lenders in manhattan rotate their caseload every 4 weeks. Flmaozz.
Renovate for $250psf or buy new for $299psf?
Great to be a renovator! Coupla trips to home depot. $5k for hardware. Booom! Money. Baby!
Yeah, the bubble shrinks for everyone.....
Which will come first, unemployment under 8% in NYC or meaningful increase in foreclosure sales?
The new policy will enormously reduce demands on the judicial system
and will clear cases much more quickly.
It is in many respects a blessing for lenders because it will give them
an opportunity to communicate with their borrowers and to get a better
understanding of borrower problems.
In instances where previously unemployed borrowers are back at work and
can again make their monthly payments, adding their arrears into their
loan will often make much more sense than foreclosing, and help lenders
to avoid 8-10 figure losses.
> it will give them an opportunity to communicate with their borrowers and to get a better understanding of borrower problems.
yep, banks are so interested to hear those problems! it's going to be kind of like being invited to Dr Phil
did those crooks always announce budget cuts? where the fvck they got the money to waste on a trash court this time?
"The program will kick off in New York City, where non-profit legal service groups have agreed to represent all homeowners entering the settlement conference process. "
This is our tax dollars at work.
Hi CC!