What defenses can you present?
In a process that the banking industry called securitization, they placed hundreds of mortgages in trusts. They made digital copies of the mortgages in a separate corporation. But they often forgot about the Notes that the mortgages secure. If a bank doesn't hold the Note, under New York Law it cannot foreclose. You need an attorney who can present this defense for you. I'm that attorney.
The banker who invented mortgage securitization, Louis Ranieri, said this about the 2008-09 crisis:
"When interest rates go up and refinancings end, the industry has to contract. It's never fun. But at the end of the last cycle in 2004-2005, all of a sudden - and some of us think not accidentally - instead of normal contraction we had this amazing growth of the subprime industry. It distributed the benefit of home ownership to people who never would have qualified for mortgages otherwise. That was one of the excuses: In the name of trying to enfranchise everybody, we started creating unstable loans that were designed to blow up in two years. Now the loans needed the tooth fairy to keep up their values.
There's an old Wall Street adage that there's a nexus between fear and greed. If you diminish fear, you get more greed.
In New York State Supreme Court, many attorneys will require substantial payment for attending foreclosure conferences, but they may fail to preserve your rights by also filing the correct documents in the Court.There are strict time limits for filing these documents, at the very beginning of your case. If your attorney doesn't file these documents, you will not be able to present any defenses. These defenses may result in the dismissal of the foreclosure, or, if not, much better terms from the bank for your mortgage modification.