New York A03874 mandates a settlement conference in cooperative apartment unit foreclosure actions.

New York A03874 amends the civil practice law and rules to include a new rule 3411, establishing a mandatory settlement conference in cooperative apartment unit foreclosure actions. The rule requires both the lender and borrower to negotiate in good faith to reach a mutually agreeable resolution, including a repayment agreement or loss mitigation options. The court may impose penalties for failure to negotiate in good faith and may toll the accumulation and collection of interest, costs, and fees during undue delays.

New York A03874 mandates a settlement conference in cooperative apartment unit foreclosure actions.

New York A03874 amends the civil practice law and rules to include a new rule 3411, establishing a mandatory settlement conference in cooperative apartment unit foreclosure actions. The rule requires both the lender and borrower to negotiate in good faith to reach a mutually agreeable resolution, including a repayment agreement or loss mitigation options. The court may impose penalties for failure to negotiate in good faith and may toll the accumulation and collection of interest, costs, and fees during undue delays.