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

- Basic Coverage and Adding Coverage.
Force-Placed Insurance.
Cancellations and Nonrenewals.
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How Much Insurance Do You Need?
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Flood Insurance.
Understanding What Affects the Cost.
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Managing and Mitigating Losses

Residential Foreclosure Actions Consumer Bill of Rights

This Residential Foreclosure Actions Consumer Bill of Rights offers assistance to property owners dealing with foreclosure in New york city. A foreclosure is a claim, and house owners should look for help from a lawyer or housing counselor in exploring potential legal defenses to the suit. Homeowners ought to also understand their basic rights and responsibilities highlighted listed below.

Throughout the Foreclosure Process

You can remain in your home and the responsibility to preserve your residential or commercial property unless and till a court orders you to vacate. If you desert 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 carefully evaluation and react to files you receive from the complainant or the court in your foreclosure case. A failure to react or appear in court when required to do so might make it much easier for the complainant to reveal that your residential or commercial property is uninhabited and abandoned, which could put you at danger of a sped up foreclosure.

You have a right to be represented by a lawyer and may be eligible free of charge legal or housing therapy services.

You have a right to be complimentary from harassment or foreclosure rip-offs. Strongly think about talking to an attorney or housing therapist, if available, before signing any documents. If you are the target of harassment or fraud, contact DFS by calling our Consumer Hotline at (800) 342-3736.

You have a right to avoid foreclosure if you repay your loan in full at any time prior to the sale of your home, or if you work out a settlement with the plaintiff.

Before a Foreclosure Action Begins in Court

You have a right to be informed at least 90 days before a foreclosure suit is submitted notifying you that you are in default and at threat of foreclosure. You have the right to check out "loss mitigation" choices that might allow you to keep your home and avoid lawsuits. The bank or mortgage servicer is required to assist you comprehend your loss mitigation choices. If you have actually submitted a finished loss mitigation application, your bank or mortgage servicer need to complete its evaluation of your application before continuing with the foreclosure match.

RPAPL § 1303 has been changed to need complainants in foreclosure actions to supply a more particular and practical notification to borrowers regarding their rights and throughout the foreclosure procedure. Specifically, the notice must suggest that house owners deserve to remain in their homes till a foreclosure sale takes place and the commitment to maintain their residential or commercial property and pay applicable taxes until such time. This section is intended to help avoid residential or commercial properties from ending up being vacant in the very first location. Read the specific language required by RPAPL § 1303.

RPAPL § 1304 requires mortgage lenders to give customers at least ninety days' notification before beginning a foreclosure action. Currently, this Pre-Foreclosure Notice (" PFN") need to include the following language: "As of ___, your mortgage is ___ days in default ... You can treat this default by making the payment of ___ dollars by ___." Unfortunately, debtors often interpreted this arrangement to indicate that as long as the debtor supplied the specified amount by the date specified, the loan would be restored. On a regular basis, the "remedy date" defined in the PFN is the earliest date on which the creditor can begin a foreclosure action, which is 90 days after sending out the PFN. When the customer waits a full 90 days to offer the quantity defined, any missed out on payments and associated interest and charges from the intervening months would be added to the deficiency. In such a case, the debtor who sends the quantity stated in the PFN would remain in default due to stepping in accruals, in spite of his/her good-faith efforts to resolve the default defined in the PFN.

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

Once a Foreclosure Action Begins

You can receive a copy of the legal documents in the foreclosure suit when it starts. This is referred to as "service" of the Summons and Complaint. You must 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 means. The Answer is your chance to state your defenses.

You ought to seek advice from with an attorney or housing therapist for assistance in this procedure.

You have a responsibility to appear at all scheduled court looks. If you stop working to appear, you run the risk of losing crucial rights, which might result in the loss of the case and your home.

You have a right to request court permission to continue without paying court expenses.

At an Obligatory Settlement Conference

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

Both celebrations have an obligation to bring all required documents to the settlement conference. For a basic list of required files, go to the Mandatory Settlement Conference information page.

Both parties should work out in "good faith", which implies truthfully and relatively. If you stop working 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 impose likewise considerable penalties. Negotiating in excellent faith does not require either celebration to settle.

If you formerly failed to submit a Response, you will be given an additional 30 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 designation on your residential or commercial property, which cautions individuals that title to your residential or commercial property remains in dispute, must be lifted.

You might be responsible for additional taxes if you reach a settlement that consists of financial obligation forgiveness. Consult from a tax professional about any resulting tax effects.

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 file an application with the court for the surplus funds, based on specific deadlines. It is very important to look for assistance from a legal service provider if you think you are owed a surplus.

If the home is sold for less than what you owe, the loan provider may submit an application for a judgment against you for the difference, known as a deficiency judgment. You might deserve to object to the quantity of any shortage judgment, consisting of interest and charges.

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

Housing counselors that handle foreclosure-related issues can give you suggestions on your alternatives and resources at little or no expense. They may likewise have the ability to work out with your lending institution free of charge and help you discover complimentary legal services in your area.

Housing counseling resources for New Yorkers consist of:

- New york city's Homeowner Protection Program (HOPP), which connects with housing therapists and legal services at no charge. Call the HOPP hotline at (855) 466-3456 or check out homeownerhelpny.com.
You can find a list of approved non-profit housing counselors by county here, on the DFS website.
24-Hour support is offered toll-free on the HOPE NOW hotline at 888-995-HOPE (888-995-4673). HOPE NOW is an alliance of HUD approved counseling agents, servicers, and financiers that offer free support.
If you live in New york city City, you can likewise call 311.

If you are in a foreclosure court case, you should speak with an attorney.

Seek Legal Assistance

Contact a lawyer and review your mortgage documents. Make sure your loan is not in violation of any laws. If you do not have an attorney, the New york city State Bar Association may be able to refer you to a suitable lawyer for your scenario.

If you can not afford a personal lawyer, resources totally free or low-priced legal support include:

- New york city's Homeowner Protection Program (HOPP), which connects with housing counselors and legal services at no charge. 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 totally free legal provider in New York.
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