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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.
Choosing a Policy.
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 supplies guidance to house owners facing foreclosure in New York. A foreclosure is a suit, and house owners must seek support from an attorney or housing therapist in checking out possible legal defenses to the fit. Homeowners ought to likewise understand their basic rights and obligations highlighted listed below.

Throughout the Foreclosure Process

You deserve to remain in your home and the task to keep your residential or commercial property unless and up until a court orders you to leave. If you abandon your home, the plaintiff (bank or mortgage servicer) may have the ability to foreclose on your residential or commercial property through an expedited process in court. To avoid this result, remain in your home and thoroughly review and react to files you get from the complainant 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 plaintiff to reveal that your residential or commercial property is uninhabited and abandoned, which could put you at threat of an expedited foreclosure.

You have a right to be represented by an attorney and may be eligible totally free legal or housing therapy services.

You have a right to be free from harassment or foreclosure rip-offs. Strongly consider seeking advice from with an attorney 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 prevent foreclosure if you repay your loan completely at any time previous to the sale of your home, or if you negotiate a settlement with the plaintiff.

Before a Foreclosure Action Begins in Court

You have a right to be alerted a minimum of 90 days before a foreclosure suit is submitted informing you that you are in default and at danger of foreclosure. You can explore "loss mitigation" alternatives that might enable you to keep your home and avoid lawsuits. The bank or mortgage servicer is required to assist you understand your loss mitigation alternatives. If you have actually sent a finished loss mitigation application, your bank or mortgage servicer must finish its review of your application before proceeding with the foreclosure fit.

RPAPL § 1303 has been amended to require complainants in foreclosure actions to supply a more specific and valuable notification to borrowers concerning their rights and commitments during the foreclosure procedure. Specifically, the notification should suggest that property owners have the right to remain in their homes until a foreclosure sale occurs and the commitment to maintain their residential or commercial property and pay applicable taxes till such time. This area is intended to assist avoid residential or commercial properties from ending up being vacant in the first place. Read the specific language required by RPAPL § 1303.

RPAPL § 1304 requires mortgage lenders to offer borrowers a minimum of ninety days' notice before starting a foreclosure action. Currently, this Pre-Foreclosure Notice (" PFN") need to consist of 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 typically analyzed this provision to indicate that as long as the customer supplied the specified quantity by the date specified, the loan would be restored. Frequently, the "cure date" defined in the PFN is the date on which the creditor can start a foreclosure action, which is 90 days after sending the PFN. When the customer waits a complete 90 days to offer the amount specified, any missed payments and associated interest and charges from the stepping in months would be contributed to the shortage. In such a case, the customer who sends the quantity stated in the PFN would remain in default due to intervening accruals, regardless of his or her good-faith efforts to attend to the default defined in the PFN.

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

Once a Foreclosure Action Begins

You have the right to get a copy of the legal documents in the foreclosure suit when it starts. This is known as "service" of the Summons and Complaint. You must respond to the Summons and Complaint with an "Answer" within 20 days after you have actually been personally served, and within one month if served on you by other ways. The Answer is your opportunity to state your defenses.

You must consult with an attorney or housing therapist for help in this process.

You have a commitment to appear at all set up court appearances. If you stop working to appear, you run the risk of losing important rights, which might cause the loss of the case and your home.

You have a right to demand court permission to proceed without paying court costs.

At a Compulsory Settlement Conference

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

Both celebrations have a commitment to bring all necessary files to the settlement conference. For a basic list of required files, check out the Mandatory Settlement Conference information page.

Both parties need to work out in "great faith", which suggests truthfully and fairly. If you stop working to do so, you might 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 charges. Negotiating in great faith does not require either party to settle.

If you previously failed to send a Response, you will be given 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 designation on your residential or commercial property, which warns people that title to your residential or commercial property is in dispute, need to be lifted.

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

After Judgment of Foreclosure and Sale

Upon a judgment of foreclosure and sale, the brand-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, based on specific deadlines. It is essential to look for aid from a legal provider if you think you are owed a surplus.

If the home is cost less than what you owe, the lending institution may file an application for a judgment versus you for the distinction, referred to as a deficiency judgment. You may can object to the amount of any deficiency judgment, consisting of interest and charges.

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

Housing therapists that deal with foreclosure-related concerns can give you suggestions on your choices and resources at little or no expense. They may likewise be able to work out with your lender free of charge and assist you discover complimentary legal services in your area.

Housing therapy resources for New Yorkers include:

- New York'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 see homeownerhelpny.com.
You can discover a list of authorized non-profit housing therapists by county here, on the DFS website.
24-Hour help 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 representatives, servicers, and financiers that provide complimentary help.
If you reside in New york city City, you can also call 311.

If you remain in a foreclosure lawsuit, you need to speak with a lawyer.

Seek Legal Assistance

Contact a lawyer and evaluate your mortgage documents. Make sure your loan is not in offense of any laws. If you do not have an attorney, the New York State Bar Association might have the ability to refer you to an appropriate attorney for your scenario.

If you can not manage a private attorney, resources free of charge or affordable legal support include:

- New York'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 see 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 of complimentary legal company in New York.
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