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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 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 assistance to property owners dealing with foreclosure in New York. A foreclosure is a suit, and property owners must look for help from an attorney or housing therapist in checking out prospective legal defenses to the fit. Homeowners ought to also understand their general rights and responsibilities highlighted listed below.

Throughout the Foreclosure Process

You have the right to remain in your home and the task 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) might be able to foreclose on your residential or commercial property through an expedited procedure in court. To avoid this result, remain in your home and thoroughly review 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 simpler for the complainant to show that your residential or commercial property is uninhabited and deserted, which could put you at threat of an accelerated foreclosure.

You have a right to be represented by a lawyer and may be qualified for totally free legal or housing therapy services.

You have a right to be devoid of harassment or foreclosure rip-offs. Strongly think about consulting with a lawyer or housing therapist, if available, before signing any papers. 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 completely at any time prior 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 informed at least 90 days before a foreclosure match is submitted informing you that you remain in default and at threat of foreclosure. You have the right to explore "loss mitigation" options that might allow you to keep your home and avoid litigation. The bank or mortgage servicer is required to help you comprehend your loss mitigation choices. If you have submitted a finished loss mitigation application, your bank or mortgage servicer need to finish its evaluation of your application before continuing with the foreclosure fit.

RPAPL § 1303 has been modified to require complainants in foreclosure actions to offer a more specific and valuable notice to debtors concerning their rights and obligations throughout the foreclosure procedure. Specifically, the notice should suggest that homeowners have the right to stay in their homes up until a foreclosure sale happens and the responsibility to maintain their residential or commercial property and pay relevant taxes up until such time. This area is planned to help avoid residential or commercial properties from becoming vacant in the very first place. Read the specific language required by RPAPL § 1303.

RPAPL § 1304 requires mortgage lenders to provide customers a minimum of ninety days' notification 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 treat this default by making the payment of ___ dollars by ___." Unfortunately, debtors typically interpreted this provision to imply that as long as the borrower supplied the mentioned amount by the date defined, the loan would be renewed. Quite frequently, the "cure date" specified in the PFN is the earliest date on which the lender can start a foreclosure action, which is 90 days after sending out the PFN. When the borrower waits a full 90 days to offer the amount specified, any missed payments and associated interest and fees from the stepping in months would be added to the deficiency. In such a case, the debtor who sends the amount set forth in the PFN would remain in default due to stepping in accruals, in spite of his/her good-faith efforts to address the default specified in the PFN.

The brand-new law addresses this issue by amending the first line of the notice to check out "As of ____ your mortgage is ____ days and ___ dollars in default." Similarly, it adds language to RPAPL § 1304 which highlights the debtor's continuous rights and duties 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 documents in the foreclosure claim when it begins. This is called "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 1 month if served on you by other ways. The Answer is your opportunity to mention your defenses.

You should seek advice from an attorney or housing therapist for help in this process.

You have a responsibility to appear at all arranged court looks. If you fail to appear, you risk losing essential rights, which could lead to the loss of the case and your home.

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

At a Compulsory Settlement Conference

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

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

Both celebrations need to negotiate in "excellent faith", which means truthfully and relatively. If you fail to do so, you may lose the chance to pursue a court-supervised settlement. If the bank or mortgage servicer fails to do so, the court may impose similarly considerable charges. Negotiating in great faith does not require either celebration to settle.

If you previously stopped working to submit an Answer, you will be given an extra 30 days 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 classification on your residential or commercial property, which alerts individuals that title to your residential or commercial property remains in disagreement, should be raised.

You might be accountable for additional taxes if you reach a settlement that consists of financial obligation forgiveness. Seek guidance from a tax professional about any resulting tax consequences.

After Judgment of Foreclosure and Sale

Upon a judgment of foreclosure and sale, the brand-new owner can seek 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 certain deadlines. It is essential to seek assistance from a legal company if you think you are owed a surplus.

If the home is offered for less than what you owe, the lender might file an application for a judgment against you for the difference, understood as a shortage judgment. You may deserve to contest the amount of any shortage judgment, including interest and penalties.

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

Housing therapists that manage foreclosure-related problems can provide you advice on your options and resources at little or no charge. They may likewise be able to work out with your lending institution for complimentary and assist you find totally free legal services in your area.

Housing therapy resources for New Yorkers consist of:

- New york city's Homeowner Protection Program (HOPP), which gets in touch with housing counselors and legal services at no charge. Call the HOPP hotline at (855) 466-3456 or check out homeownerhelpny.com.
You can discover a list of authorized non-profit housing counselors by county here, on the DFS site.
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 authorized counseling agents, servicers, and financiers that offer totally free support.
If you reside in New york city City, you can also call 311.

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

Seek Legal Assistance

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

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

- New york city's Homeowner Protection Program (HOPP), which gets in touch with housing therapists 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 website. LawHelp.org, an online directory site of free legal company in New york city.