We settled another foreclosure matter where the bank waived all interest, legal fees and late charges in an effort to avoid litigating my client’s affirmative defenses and counterclaims.
Litigation can be very expensive and extensive. Motions are often adjourned several times before it is marked “submitted,” judges can take months to render a decision (and then “Enter” the decision), and even after all of that, a party may renew and/or reargue a motion and appeal a decision. Banks would like to avoid all of this when feasible. As I mentioned in an earlier post, banks may not charge defendants for legal fees related to appearances at settlement conferences pursuant to CPLR §3408. The prosecution of a foreclosure action can become very burdensome and expensive (and sometimes barred) when defendants interpose legitimate defenses. A bank will only negotiate a settlement if you give it a reason to. Contact me directly to discuss any potential defenses and claims that you may have.