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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.
Shopping for Insurance.
Managing and Mitigating Losses

Residential Foreclosure Actions Consumer Bill of Rights

This Residential Foreclosure Actions Consumer Bill of Rights provides guidance to property owners dealing with foreclosure in New york city. A foreclosure is a claim, and property owners ought to look for help from an attorney or housing therapist in exploring potential legal defenses to the match. Homeowners should also know their general rights and obligations highlighted listed below.

Throughout the Foreclosure Process

You have the right to remain in your home and the task to preserve your residential or commercial property unless and up 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 prevent this outcome, remain in your home and thoroughly review and respond to documents you receive from the plaintiff or the court in your foreclosure case. A failure to react or appear in court when required to do so could make it much easier for the plaintiff to show that your residential or commercial property is uninhabited and abandoned, which might put you at danger of an accelerated foreclosure.

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

You have a right to be devoid of harassment or foreclosure scams. Strongly consider talking to an attorney or housing counselor, if offered, before signing any papers. 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 in complete at any time previous 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 alerted a minimum of 90 days before a foreclosure suit is submitted informing you that you remain in default and at risk of foreclosure. You deserve to explore "loss mitigation" choices that may enable you to keep your home and prevent lawsuits. The bank or mortgage servicer is needed to help you understand your loss mitigation alternatives. If you have actually submitted a completed loss mitigation application, your bank or mortgage servicer should complete its review of your application before proceeding with the foreclosure match.

RPAPL § 1303 has actually been changed to need plaintiffs in foreclosure actions to offer a more specific and practical notice to debtors regarding their rights and responsibilities during the foreclosure process. Specifically, the notice needs to show that homeowners have the right to remain in their homes till a foreclosure sale occurs and the responsibility to preserve their residential or commercial property and pay applicable taxes up until such time. This section is meant to help avoid residential or commercial properties from becoming vacant in the very first place. Read the particular language required by RPAPL § 1303.

RPAPL § 1304 needs mortgage financial institutions to offer customers a minimum of ninety days' notice before starting a foreclosure action. Currently, this Pre-Foreclosure Notice (" PFN") should consist of the following language: "As of ___, your mortgage is ___ days in default ... You can cure this default by making the payment of ___ dollars by ___." Unfortunately, debtors typically translated this arrangement to imply that as long as the debtor provided the stated amount by the date specified, the loan would be restored. Frequently, the "treatment date" specified in the PFN is the earliest date on which the lender can start a foreclosure action, which is 90 days after sending the PFN. When the debtor waits a full 90 days to provide the amount defined, any missed out on payments and associated interest and costs from the intervening months would be contributed to the deficiency. In such a case, the debtor who sends the amount set forth in the PFN would stay in default due to stepping in accruals, despite his/her good-faith efforts to address the default specified in the PFN.

The new law addresses this problem by amending the very first line of the notice to read "As of ____ your mortgage is ____ days and ___ dollars in default." Similarly, it includes language to RPAPL § 1304 which highlights the customer's continuous rights and obligations throughout the foreclosure process. Read the brand-new pre-foreclosure notice 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 referred to as "service" of the Summons and Complaint. You need to react to the 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 methods. The Answer is your chance to mention your defenses.

You need to seek advice from with a lawyer or housing therapist for aid in this process.

You have an obligation to appear at all scheduled court looks. If you stop working to appear, you run the risk of losing essential rights, which could lead to the loss of the case and your home.

You have a right to demand court consent to continue without paying court costs.

At a Compulsory 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 essential documents to the settlement conference. For a general list of needed files, visit the Mandatory Settlement Conference information page.

Both celebrations should negotiate in "good faith", which suggests truthfully and relatively. If you fail to do so, you might lose the chance to pursue a court-supervised settlement. If the bank or mortgage servicer stops working to do so, the court might impose likewise significant penalties. Negotiating in great faith does not need either party to settle.

If you previously failed to send a Response, you will be provided an additional 1 month to do so at the settlement conference.

After Settlement Agreement or Fully Executed Loss Mitigation Agreement

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

You may be responsible for extra taxes if you reach a settlement that consists of debt forgiveness. Consult 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 file an application with the court for the surplus funds, based on specific due dates. It is important to seek assistance from a legal service provider if you think you are owed a surplus.

If the home is cost less than what you owe, the lending institution might file an application for a judgment against you for the distinction, referred to as a deficiency judgment. You might have the right to object to the quantity of any shortage judgment, including interest and charges.

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

Housing therapists that deal with foreclosure-related problems can provide you recommendations on your choices and resources at little or no expense. They may also have the ability to work out with your loan provider totally free and help you find free legal services in your location.

Housing counseling resources for New Yorkers consist of:

- New York'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 check out homeownerhelpny.com.
You can discover a list of approved non-profit housing counselors by county here, on the DFS site.
24-Hour support is available toll-free on the HOPE NOW hotline at 888-995-HOPE (888-995-4673). HOPE NOW is an alliance of HUD approved counseling representatives, servicers, and investors that offer free support.
If you reside in New York City, you can likewise call 311.

If you are in a foreclosure lawsuit, you need to consult an attorney.

Seek Legal Assistance

Contact an attorney and evaluate your mortgage files. Make certain your loan is not in violation of any laws. If you do not have a lawyer, the New york city State Bar Association might be able to refer you to an appropriate attorney for your circumstance.
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If you can not manage a personal attorney, resources totally free or affordable legal support include:

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