Foreclosures—Trial Court Erroneously Ordered Lender to Modify Loan Pursuant to a Proposed Trial Loan Modification Proposal, Following Lender's Failure to Negotiate in Good Faith During a Settlement Conference Conducted Pursuant to CPLR 3408—Parties Must Negotiate in Good Faith, but Statute Does Not Provide for a Specific Remedy for a Parties' Failure to Do So
A plaintiff lender (lender), in a mortgage foreclose action appealed from an order which found, following a hearing, that the lender had "failed to negotiate in good faith during settlement conferences conducted pursuant to CPLR 3408," and directed that the lender execute "a final loan modification based on the terms of a trial loan modification proposal it offered to the defendants…prior to commencing [the foreclosure action]" and "directed dismissal of the complaint."
