SUPREME COURT OF THE STATE OF NEW YORK COUNTY OF ___Plaintiff,Index No. ___v. VERIFIED ANSWER TO FORECLOSURE COMPLAINTDefendant(s).Defendantanswers as follows:I generally deny each allegation of the
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Hi my name is Karl Pearson and I'm aforeclosure defense attorney in New Yorkand the title of this video is New Yorkforeclosure defense strategy and it'ssomething that I have put togetherbecause of my experience during the pastseven years and new developments in NewYork and I wanted to explain for allpeople who are facing foreclosure in NewYork what I think needs to be done whatthey should do in order to maximizetheir potential in retaining theirproperty so for the past seven years Ihave been going into the newer courts tostop foreclosures and things have beenchanging and here is what they'vethreatened that homeowners shouldconsider doing and I say consider doingbecause every case is different and whatI say generally about defendingforeclosures may not apply to your caseand you should speak with an attorneyabout the specifics the specifics ofyour case for that reason now havingsaid that and let me talk about thethree main parts of the foreclosureprocess that I'm going to discuss whichare one realizing that you are infinancial trouble and what you should doabout it - the second shoe drops and youare served with a summons and complaintand what you should do about that andthird the New York quote conferencingunquote process and how you should useit to your advantagefor most homeowners who understand andapply what I say when appropriate to doso remember as I have discussed at theoutset the foreclosure crisis will cometo an endwe'll remain in your home with anaffordable mortgage this is what happensin many cases when these things that Idiscuss are done so part one I'll startwith the first part realizing you are introuble and what you should do once yourealize that you can't keep making yourmortgage payments indefinitely and thatat some point you will run out of moneyyou should bite the bullet and stoppaying your mortgage now I realize thatpeople will say well won't that affectmy credit score and other things yourinterest rate yes but you are going tobe facing that by definition that youknow you're going to run out of moneyand run into that trouble in a fewmonths maybe even a year from now butI'm saying that it's better that youshould do it now bite the bullet andface that right now stop paying yourmortgage and the benefit to you in doingthis is that you will be in a positionto pay a lawyer to guide you through theforeclosure process ending hopefullywith an affordable mortgage if youcontinue paying and you don't have moneyat the end because you've giveneverything to the bank you won't be ableto hire a lawyer and therefore you willlose the property by defaulting on yourmortgage and this and this willencourage the the plaintiff which iseither the bank the loan servicer ormaybe an investor in the noteit'll-it'll it'll discourage them fromgiving you a loan mod if you don't havean attorney and they're not...