The Scope of the 'Mandatory Settlement Conference' Requirement for Mortgage Foreclosures

In response to skyrocketing foreclosures, the New York legislature enacted CPLR 3408. A recent case explores the statute's limits.

5 minute read January 31, 2014 at 09:17 AM

Stewart E. Sterk

The Scope of the 'Mandatory Settlement Conference' Requirement for Mortgage Foreclosures

In response to skyrocketing foreclosures in the wake of the 2008 financial crisis, the New York legislature mandated settlement conferences as a prerequisite to many residential foreclosures. Although statutory amendments have expanded the statute's reach, settlement conferences are not required for all residential mortgages.

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