What are a Referee Hearing and Notice of Computation in a Foreclosure Case?
If you live in New York, and are going through the foreclosure process, there are a number of terms you are going to come across. Today we’ll be talking about a Notice of Computation and a Referee Hearing and what they mean to you in your foreclosure process. How Does the Court Determine How Much I Owe? In a foreclosure proceeding, the court needs to determine how much you owe to the lender/bank that holds your mortgage. The court wants to know the total amount, including the mortgage loan (balance on the date of default), plus interest, taxes, insurance costs, and other collection expenses including attorney fees, inspection costs, filing fees, etc. They use this figure when ordering a Judgment of Foreclosure and Sale. There are two ways the court can get this information – through a Referee Hearing or through a Notice of Computation. What is a Referee Hearing? In foreclosure cases, the court can learn the final amount you owe through a Referee, since the...