Maria Santos owns a single-family home in Queens that she purchased as her primary residence. She has fallen behind on mortgage payments and received a foreclosure complaint. Under New York's foreclosure settlement conference requirements, what must occur before the foreclosure can proceed?
Correct Answer
C) A mandatory settlement conference must be held if Maria requests one
New York law requires that borrowers in foreclosure on owner-occupied properties with 1-4 units be given the opportunity to request a mandatory settlement conference. If requested, this conference must be held before the foreclosure can proceed to judgment.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The debt-to-income ratio (DTI) compares a borrower's monthly debt obligations to their gross monthly income. It is used by lenders to determine how much mortgage a borrower can afford.
In the context of foreclosure, a deed transfers ownership of the foreclosed property to the new owner, typically the buyer at a foreclosure sale.
Discount points are upfront fees paid to a lender at closing to reduce (buy down) the interest rate on a mortgage loan. One point equals 1% of the loan amount and typically reduces the rate by approximately 0.25%.
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