If you are unable to work out a deal with the Bank at the Settlement Conference, the Bank will ask for an “Order of Reference”, which is the next step in the foreclosure proceeding. The Bank will file either a “Summary Judgment Motion” (if you filed an Answer) or a “Default Motion” (if you did not file an Answer).
Both these motions allow the foreclosure to go forward against you, and a Referee will be appointed to compute the amount due and owing under the note and mortgage. Once the Referee is done computing the amount owed, the Bank will move for a Judgment of Foreclosure and Sale, which allows them to sell the property.