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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.
Just How Much Insurance Do You Need?
Problems Obtaining Insurance.
Flood Insurance.
Understanding What Affects the Cost.
Searching for Insurance.
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 lawsuit, and house owners ought to seek support from an attorney or housing counselor in exploring possible to the suit. Homeowners should likewise understand their general rights and commitments highlighted listed below.

Throughout the Foreclosure Process

You can remain in your home and the task to preserve your residential or commercial property unless and till 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 prevent this outcome, remain in your home and carefully review and react 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 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 an accelerated foreclosure.

You have a right to be represented by a lawyer and may be eligible for complimentary legal or housing therapy services.

You have a right to be totally free from harassment or foreclosure scams. Strongly think about speaking with an attorney or housing counselor, if readily 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 in full at any time previous to the sale of your home, or if you work out a settlement with the complainant.

Before a Foreclosure Action Begins in Court

You have a right to be notified at least 90 days before a foreclosure suit is filed notifying you that you are in default and at threat of foreclosure. You deserve to explore "loss mitigation" alternatives that might enable you to keep your home and prevent litigation. The bank or mortgage servicer is needed to assist you comprehend your loss mitigation choices. If you have submitted a completed loss mitigation application, your bank or mortgage servicer should finish its evaluation of your application before continuing with the foreclosure suit.

RPAPL § 1303 has actually been amended to need complainants in foreclosure actions to supply a more particular and useful notification to borrowers regarding their rights and commitments during the foreclosure procedure. Specifically, the notice should show that house owners have the right to stay in their homes until a foreclosure sale occurs 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 uninhabited in the first location. Read the particular language required by RPAPL § 1303.

RPAPL § 1304 requires mortgage lenders to give customers at least ninety days' notification before starting a foreclosure action. Currently, this Pre-Foreclosure Notice (" PFN") must consist of the following language: "Since ___, your mortgage is ___ days in default ... You can cure this default by making the payment of ___ dollars by ___." Unfortunately, customers frequently translated this arrangement to mean that as long as the debtor supplied the mentioned quantity by the date specified, the loan would be renewed. On a regular basis, the "cure date" defined in the PFN is the earliest date on which the financial institution can begin a foreclosure action, which is 90 days after sending out the PFN. When the customer waits a full 90 days to supply the amount specified, any missed out on payments and associated interest and fees from the stepping in months would be contributed to the shortage. In such a case, the customer who submits the quantity stated in the PFN would stay in default due to stepping in accruals, despite his/her good-faith efforts to resolve the default specified in the PFN.

The new law addresses this problem by changing the 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 borrower's continuous rights and duties throughout the foreclosure procedure. Read the new pre-foreclosure notification language.

Once a Foreclosure Action Begins

You can get a copy of the legal documents in the foreclosure lawsuit when it begins. This is known 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 one month if served on you by other ways. The Answer is your opportunity to mention your defenses.

You ought to seek advice from an attorney or housing counselor for assistance in this process.

You have an obligation to appear at all scheduled court appearances. If you fail 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 request court consent to continue without paying court costs.

At a Mandatory Settlement Conference

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

Both parties have a commitment to bring all necessary documents to the settlement conference. For a general list of needed documents, go to the Mandatory Settlement Conference info page.

Both parties need to negotiate in "good faith", which suggests truthfully and fairly. 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 might enforce similarly significant penalties. Negotiating in excellent faith does not need either party to settle.

If you previously failed to submit an Answer, you will be given 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 classification on your residential or commercial property, which cautions people that title to your residential or commercial property remains in conflict, need to be raised.

You might be accountable for extra taxes if you reach a settlement that includes debt forgiveness. Seek suggestions from a tax professional about any resulting tax effects.

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 particular deadlines. It is essential to look for assistance from a legal provider if you believe you are owed a surplus.

If the home is sold for less than what you owe, the lending institution might file an application for a judgment versus you for the difference, called a deficiency judgment. You might can object to the quantity of any deficiency judgment, consisting of interest and penalties.

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

Housing therapists that deal with foreclosure-related problems can give you recommendations on your choices and resources at little or no charge. They may also be able to work out with your lending institution for complimentary and assist you find totally free 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 counselors and legal services at no expense. 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 website.
24-Hour assistance 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 complimentary help.
If you live in New York 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 lawyer and review your mortgage files. Make certain your loan is not in offense of any laws. If you do not have an attorney, the New York State Bar Association may have the ability to refer you to an appropriate lawyer for your circumstance.

If you can not afford a private lawyer, resources for totally free or inexpensive legal support 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 check out 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 complimentary legal company in New York.