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Help for Homeowners

- Foreclosure Assistance - Help for Homeowners Facing Foreclosure.

Find a Housing Counselor.
If You Fall Behind.
Know Your Options.
Know Your Rights in Foreclosure.
Settlement Conferences

- A Renter's Rights in Foreclosure.
Rent-To-Own and Installment Contracts.
Renter's Insurance

- Basic Coverage and Adding Coverage.
Force-Placed Insurance.
Cancellations and Nonrenewals.
Choosing a Policy.
How Much Insurance Do You Need?
Problems Obtaining Insurance.
Flood Insurance.
Understanding What Affects the Cost.
Searching for Insurance.
Managing and Mitigating Losses

Residential Foreclosure Actions Consumer Bill of Rights

This Residential Foreclosure Actions Consumer Bill of Rights provides assistance to property owners facing foreclosure in New York. A foreclosure is a suit, and house owners must seek support from a lawyer or housing counselor in checking out prospective legal defenses to the match. Homeowners ought to likewise know their general rights and obligations highlighted listed below.

Throughout the Foreclosure Process

You deserve to remain in your home and the responsibility to keep your residential or commercial property unless and until a court orders you to vacate. If you abandon your home, the complainant (bank or mortgage servicer) may have the ability to foreclose on your residential or commercial property through an expedited procedure in court. To avoid this outcome, remain in your home and thoroughly review and respond to files you receive from the plaintiff or the court in your foreclosure case. A failure to react or appear in court when needed to do so might make it much easier for the complainant to show that your residential or commercial property is vacant and deserted, which might put you at danger of an expedited foreclosure.

You have a right to be represented by a lawyer and might be eligible totally free legal or housing therapy services.

You have a right to be devoid of harassment or foreclosure frauds. Strongly think about talking to a lawyer or housing counselor, if available, before signing any documents. If you are the target of harassment or scams, contact DFS by calling our Consumer Hotline at (800) 342-3736.

You have a right to avoid foreclosure if you repay your loan completely at any time prior to the sale of your home, or if you negotiate a settlement with the complainant.

Before a Foreclosure Action Begins in Court

You have a right to be informed a minimum of 90 days before a foreclosure suit is submitted notifying you that you are in default and at danger of foreclosure. You have the right to check out "loss mitigation" alternatives that might allow you to keep your home and prevent lawsuits. The bank or mortgage servicer is required to assist you understand your loss mitigation choices. If you have sent a finished loss mitigation application, your bank or mortgage servicer must finish its evaluation of your application before continuing with the foreclosure match.

RPAPL § 1303 has actually been amended to require complainants in foreclosure actions to offer a more particular and valuable notice to borrowers regarding their rights and obligations throughout the foreclosure procedure. Specifically, the notification needs to suggest that house owners can remain in their homes up until a foreclosure sale happens and the responsibility to keep their residential or commercial property and pay relevant taxes up until such time. This area is planned to assist prevent residential or commercial properties from becoming uninhabited in the first place. Read the particular language required by RPAPL § 1303.

RPAPL § 1304 needs mortgage financial institutions to offer debtors a minimum of ninety days' notice before commencing a foreclosure action. Currently, this Pre-Foreclosure Notice (" PFN") need to include the following language: "Since ___, your mortgage is ___ days in default ... You can cure this default by making the payment of ___ dollars by ___." Unfortunately, borrowers frequently analyzed this arrangement to indicate that as long as the borrower offered the specified amount by the date specified, the loan would be renewed. Quite often, the "remedy date" specified in the PFN is the earliest date on which the lender can begin a foreclosure action, which is 90 days after sending out the PFN. When the borrower waits a full 90 days to provide the amount specified, any missed out on and associated interest and charges from the intervening months would be contributed to the shortage. In such a case, the borrower who sends the quantity set forth in the PFN would stay in default due to intervening accruals, regardless of his or her good-faith efforts to attend to the default specified in the PFN.

The brand-new law addresses this issue by amending the first line of the notification to check out "As of ____ your mortgage is ____ days and ___ dollars in default." Similarly, it includes language to RPAPL § 1304 which highlights the customer's ongoing rights and obligations throughout the foreclosure process. Read the new pre-foreclosure notification language.

Once a Foreclosure Action Begins

You deserve to get a copy of the legal papers in the foreclosure suit when it starts. This is referred to as "service" of the Summons and Complaint. You should react to the Summons and Complaint with an "Answer" within 20 days after you have been personally served, and within one month if served on you by other methods. The Answer is your chance to state your defenses.

You must seek advice from an attorney or housing therapist for help in this procedure.

You have a responsibility to appear at all set up court appearances. If you stop working to appear, you run the risk of losing essential rights, which could result in the loss of the case and your home.

You have a right to demand court authorization to proceed without paying court expenses.

At a Compulsory Settlement Conference

You have a right to a description of the nature of the foreclosure action versus you.

Both parties have an obligation to bring all needed files to the settlement conference. For a basic list of required documents, check out the Mandatory Settlement Conference details page.

Both celebrations must work out in "good faith", which indicates truthfully and fairly. If you fail to do so, you may lose the opportunity to pursue a court-supervised settlement. If the bank or mortgage servicer stops working to do so, the court may enforce similarly considerable charges. Negotiating in good faith does not require either celebration to settle.

If you formerly stopped working to submit a Response, you will be offered an extra thirty days to do so at the settlement conference.

After Settlement Agreement or Fully Executed Loss Mitigation Agreement

Within 90 days of completing a settlement, the lis pendens classification on your residential or commercial property, which cautions individuals that title to your residential or commercial property remains in dispute, must be raised.

You might be accountable for extra taxes if you reach a settlement that includes debt forgiveness. Seek guidance from a tax expert about any resulting tax repercussions.

After Judgment of Foreclosure and Sale

Upon a judgment of foreclosure and sale, the new owner can look for to evict you from the residential or commercial property.

If the home is resold for more than what you owe, you have a right to submit an application with the court for the surplus funds, subject to particular deadlines. It is necessary to look for assistance from a legal service provider if you think you are owed a surplus.

If the home is offered for less than what you owe, the lender may file an application for a judgment versus you for the distinction, called a deficiency judgment. You might can object to the amount of any deficiency judgment, including interest and penalties.

Get Help! Contact a Not-for-Profit Housing Counselor

Housing therapists that handle foreclosure-related problems can give you guidance on your alternatives and resources at little or no expense. They may also be able to negotiate with your lender for totally free and assist you find free legal services in your location.

Housing therapy resources for New Yorkers consist of:

- New York's Homeowner Protection Program (HOPP), which connects with housing therapists and legal services at no cost. Call the HOPP hotline at (855) 466-3456 or visit homeownerhelpny.com.
You can discover a list of approved non-profit housing counselors by county here, on the DFS website.
24-Hour assistance is readily available toll-free on the HOPE NOW hotline at 888-995-HOPE (888-995-4673). HOPE NOW is an alliance of HUD authorized counseling agents, servicers, and financiers that offer free assistance.
If you reside in New York City, you can also call 311.

If you are in a foreclosure court case, you ought to consult a lawyer.

Seek Legal Assistance

Contact a legal representative and review your mortgage documents. Ensure your loan is not in offense of any laws. If you do not have an attorney, the New york city State Bar Association may have the ability to refer you to a proper attorney for your situation.

If you can not manage a private lawyer, resources free of charge or inexpensive legal assistance consist of:

- New york city's Homeowner Protection Program (HOPP), which connects with housing counselors and legal services at no cost. Call the HOPP hotline at (855) 466-3456 or go to homeownerhelpny.com.
The New York City State Bar Association's Lawyer Referral and Information Service.
The Legal Service Corporation site. LawHelp.org, an online directory site of complimentary legal company in New york city.
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