The Settlement Conference is your opportunity to work with the Bank and try to find an alternative to foreclosure.
The home-owner can appear at a Settlement Conference with or without an attorney. (Appearing without an attorney is referred to as appearing “pro se”.) The Bank must have a representative available at the Settlement Conference. Typically, this will be the Bank’s attorney.
You will describe your situation; the Court may ask questions about your finances, your income and your debts. The Court may
The Court may also ask whether you have any savings set aside.
The Bank should be able to describe how much you owe and how this amount was calculated.
There will be no witnesses or testimony, it is simply an opportunity for both sides to ask questions and explore solutions.
Some of the forms will be specific to your Bank, while others will be forms used by all Banks as required by federal law
Most Banks will ask for your most recent Bank statements and a copy of your income taxes.
It is very rare that you will be able to come to an agreement with the Bank at the first Settlement Conference.
What typically happens is that the Court will schedule another Settlement Conference for you.
Have a friend, family member, attorney or advocate assist you.
Have anything explained to you.
Ask for an adjournment (a rescheduling) of the conference if you cannot attend for a valid reason
Ask for copies of:
Your Note
Your Mortgage
A payment history (so you can review what payments have been applied and when)
An explanation of any fees or charges to your loan