Requires a mandatory settlement conference in cooperative apartment unit foreclosure actions

Bill A 3874 requires courts to hold a mandatory settlement conference before proceeding with foreclosures on cooperative apartment units where the borrower lives in the unit. It directly affects co-op residents facing foreclosure and their lenders, mandating that lenders file a petition with the court detailing the default and serving the borrower. The conference, held within 60 days, requires both parties to bring specific documents (like payment histories for lenders and income details for borrowers) and negotiate in good faith to explore alternatives like loan modifications or adjusted payment plans. This process aims to provide a structured opportunity to prevent home loss before foreclosure actions advance.