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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

- An Occupant'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 offers assistance to house owners dealing with foreclosure in New York. A foreclosure is a lawsuit, and homeowners need to look for assistance from an attorney or housing counselor in checking out potential legal defenses to the match. Homeowners need to likewise know their basic rights and responsibilities highlighted listed below.

Throughout the Foreclosure Process

You deserve 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 plaintiff (bank or mortgage servicer) may be able to foreclose on your residential or commercial property through an expedited procedure in court. To prevent this outcome, stay in your home and carefully review and react to files you receive from the plaintiff or the court in your foreclosure case. A failure to respond or appear in court when needed to do so could make it simpler for the complainant to show that your residential or commercial property is uninhabited and deserted, which might put you at threat of a sped up 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 complimentary from harassment or foreclosure scams. Strongly think about talking to a lawyer 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 full 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 fit is filed informing you that you are in default and at risk of foreclosure. You deserve to explore "loss mitigation" choices that might enable you to keep your home and prevent litigation. The bank or mortgage servicer is required to help you comprehend your loss mitigation choices. If you have sent a completed 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 changed to require plaintiffs in foreclosure actions to supply a more specific and practical notification to borrowers regarding their rights and obligations during the foreclosure process. Specifically, the notification must suggest that homeowners have the right to stay in their homes up until a foreclosure sale takes place and the responsibility to preserve their residential or commercial property and pay relevant taxes until such time. This area is planned to help avoid residential or commercial properties from ending up being uninhabited in the first place. Read the specific language needed by RPAPL § 1303.

RPAPL § 1304 needs mortgage lenders to give debtors at least ninety days' notice before commencing a foreclosure action. Currently, this Pre-Foreclosure Notice (" PFN") must 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 often translated this provision to suggest that as long as the borrower provided the mentioned quantity by the date defined, the loan would be reinstated. Frequently, the "remedy date" specified in the PFN is the earliest date on which the financial institution can start a foreclosure action, which is 90 days after sending the PFN. When the borrower waits a complete 90 days to supply the quantity defined, any missed out on payments and associated interest and costs from the stepping in months would be included to the shortage. In such a case, the borrower who sends the amount set forth in the PFN would remain in default due to intervening accruals, despite his/her good-faith efforts to deal with the default defined in the PFN.

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

Once a Foreclosure Action Begins

You have the right to receive a copy of the legal papers in the foreclosure lawsuit 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 actually been personally served, and within 30 days if served on you by other ways. The Answer is your opportunity to state your defenses.

You ought to speak with an attorney or housing therapist for help in this process.

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

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

At a Compulsory Settlement Conference

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

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

Both celebrations need to work out in "excellent faith", which suggests honestly and relatively. If you stop working 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 may enforce similarly considerable charges. Negotiating in great faith does not require either party to settle.

If you previously stopped working to submit an Answer, you will be provided an extra 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 classification on your residential or commercial property, which alerts people that title to your residential or commercial property is in disagreement, need to be lifted.

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

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 file an application with the court for the surplus funds, subject to particular deadlines. It is crucial to seek assistance from a legal provider if you believe you are owed a surplus.

If the home is cost less than what you owe, the loan provider may submit an application for a judgment versus you for the distinction, referred to as a shortage judgment. You may deserve to object to the amount of any shortage judgment, including interest and penalties.

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

Housing therapists that deal with foreclosure-related problems can provide you suggestions on your choices and resources at little or no charge. They might also be able to negotiate with your lending institution for complimentary and help you find complimentary legal services in your location.

Housing counseling resources for New Yorkers consist of:

- New york city's Homeowner Protection Program (HOPP), which gets in touch with housing therapists and legal services at no expense. Call the HOPP hotline at (855) 466-3456 or visit homeownerhelpny.com.
You can discover a list of authorized non-profit housing therapists by county here, on the DFS website.
24-Hour help 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 representatives, servicers, and investors that supply totally .
If you reside in New york city City, you can also call 311.

If you remain in a foreclosure court case, you ought to seek advice from an attorney.

Seek Legal Assistance

Contact a legal representative and examine your mortgage files. Make sure your loan is not in infraction of any laws. If you do not have a lawyer, the New York State Bar Association might be able to refer you to a proper attorney for your scenario.

If you can not afford a personal attorney, resources free of charge or inexpensive legal help consist of:

- New york city's Homeowner Protection Program (HOPP), which gets in touch with housing therapists 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 city.