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SettlementConference.html
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SettlementConference.html
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---
layout: default
title: Settlement Conference
---
<div class="row">
<div class="small-12 columns "><h1 class="main-header-stages">The Settlement Conference </h1></div>
</div>
<div class="row">
<div class="small-12 columns">
<p >The Settlement Conference is your
opportunity to work with the Bank and try
to find an alternative to foreclosure.</p>
</div>
</div>
<div class="row">
<div class="small-12 columns "><h2 class="main-header-stages"></h2></div>
</div>
<div class="row">
<div class="small-12 columns">
<dl class="accordion" data-accordion>
<dd class="accordian-stages">
<a href="#panel1"><h2>Who Attends a Settlement Conference?</h2></a>
<div id="panel1" class="content">
<div class="row">
<div class="small-12 columns">
<p>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.</p>
</div>
</div>
</div>
</dd>
<br class="clear">
<dd class="accordian-stages">
<a href="#panel2"><h2>What should you expect at a Settlement Conference?</h2></a>
<div id="panel2" class="content">
<div class="row">
<div class="small-12 columns">
<ul>
<li> <p>You will describe your situation; the Court may
ask questions about your finances, your
income and your debts. The Court may</p></li>
<li><p>The Court may also ask whether you have any
savings set aside.</p></li>
<li><p>The Bank should be able to describe how
much you owe and how this amount was
calculated.</p></li>
<li><p><b>
There will be no witnesses or
testimony, it is simply an opportunity for both
sides to ask questions and explore solutions.
</b></p></li>
</ul>
</div>
</div>
</div>
</dd>
<br class="clear">
<dd class="accordian-stages">
<a href="#panel3"><h2>What Should I Expect?</h2></a>
<div id="panel3" class="content">
<ul>
<li>The Bank will likely give the home-owner
<span data-tooltip class="has-tip" title=" So the Bank
can review your loan for a possible " loan
modification. " ">
a packet of forms</span> that must be filled out
and returned to the Bank. The forms the Bank asks you
to fill out are designed to give the Bank a
snapshot of your <span data-tooltip class="has-tip" title="They will ask about both
your income and your monthly expenses"> current financial situation.</span> </li>
<li><p> Some of the forms will be specific to your Bank,
while others will be forms used by all Banks
as required by federal law</p></li>
<li><p>Most Banks will ask for your most recent
<span data-tooltip class="has-tip" title="This is used to have a better
understanding of your financial situation."> Bank statements and a
copy of your income
taxes.</span></p></li>
<li><p>It is very rare that you will be able to come
to an agreement with the Bank at the first
Settlement Conference.</p></li>
<li><p>What typically
happens is that the Court will schedule
another Settlement Conference for you.</p></li>
</ul>
<div class="stages-emphasis-warning-assurance">Again, it is very
important that you attend each and every Settlement Conference
that is scheduled. </div>
</div>
</dd>
<br class="clear">
<dd class="accordian-stages">
<a href="#panel4"><h2>Your Rights at The Settlement Conference</h2></a>
<div id="panel4" class="content">
<ul>
<li><p><b>Have a friend,
family member, attorney
or advocate assist you.</b></p></li>
<li><p><b>Have anything
explained to you.</b></p></li>
<li><p><b>Ask for an
adjournment (a rescheduling)
of the conference if you cannot attend
for a valid reason</b></p></li>
<li><p>Ask for copies of:
<ul>
<li><p><b>Your Note</b></p></li>
<li><p><b>Your Mortgage</b></p></li>
<li><p><b>A
payment history (so you can review
what payments have been applied and
when)</b></p></li>
<li><p><b>An explanation
of any fees or charges
to your loan</b></p></li>
</ul>
</li>
</ul>
</div>
</dd>
<br class="clear">
<dd class="accordian-stages">
<a href="#panel5"><h2>Additional Resources</h2></a>
<div id="panel5" class="content">
<a href="SettlementConference.html" class="button">Settlement Conference</a>
<a href="Forms.html" class="button">Forms Guide</a>
<a href="terms.html" class="button">Glossary</a>
</div>
</dd>
</dl>
<div class="row">
<div class="small-12 small-centered columns">
<ul class="pagination stages-navigation">
<li class="arrow"><a href="Stage6.html">«</a></li>
<li ><a href="Stage5.html">5</a></li>
<li ><a href="Stage6.html">6</a></li>
<li class="current"> <a href="SettlementConference.html">Settlement</a></li>
<li ><a href="preparing-for-settlement-steps1-2.html">Settlement Steps 1-2</a></li>
<li class="unavailable"><a href="">…</a></li>
<li class="arrow"><a href="preparing-for-settlement-steps1-2.html">»</a></li>
</ul>
</div>
</div>
</div>
</div>