State AG Schneiderman Praises Certificate of Merit Law

State Attorney General Eric Schneiderman commented in a media release that the “certificate of merit” law signed Wednesday by Gov. Andrew Cuomo will bring greater integrity to the foreclosure process, according a media release from State Attorney General Eric Schneiderman.

He added that it also will expedite homeowner’s participation in court supervised mediation sessions.

In the past, foreclosure cases would languish months or even years because financial institutions delay the filing of critical paperwork, which not only burden the homeowner, but also the judicial system. It results in costing the homeowner more fees and interest.

The new law will require banks to file the necessary paperwork, which will result in a quicker settlement conference.