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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.
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Managing and Mitigating Losses

Residential Foreclosure Actions Consumer Bill of Rights

This Residential Foreclosure Actions Consumer Bill of Rights offers guidance to property owners dealing with foreclosure in New york city. A foreclosure is a claim, and property owners should seek assistance from a lawyer or housing counselor in checking out possible legal defenses to the suit. Homeowners need to also understand their general rights and responsibilities highlighted below.

Throughout the Foreclosure Process

You can remain in your home and the duty to preserve your residential or unless and up until a court orders you to leave. If you desert your home, the plaintiff (bank or mortgage servicer) may be able to foreclose on your residential or commercial property through an expedited process in court. To prevent this outcome, remain in your home and carefully evaluation and react to files you receive from the complainant or the court in your foreclosure case. A failure to respond or appear in court when required to do so might make it easier for the plaintiff to reveal that your residential or commercial property is uninhabited and deserted, which might put you at risk of an accelerated foreclosure.

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

You have a right to be totally free from harassment or foreclosure scams. Strongly think about seeking advice from with a lawyer or housing counselor, if available, 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 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 complainant.

Before a Foreclosure Action Begins in Court

You have a right to be notified at least 90 days before a foreclosure fit is submitted informing you that you are in default and at risk of foreclosure. You have the right to explore "loss mitigation" alternatives that may allow you to keep your home and avoid litigation. The bank or mortgage servicer is required to assist you understand your loss mitigation choices. If you have actually submitted a finished loss mitigation application, your bank or mortgage servicer need to finish its evaluation of your application before continuing with the foreclosure match.

RPAPL § 1303 has actually been amended to require complainants in foreclosure actions to supply a more particular and handy notification to debtors regarding their rights and obligations during the foreclosure procedure. Specifically, the notice needs to show that homeowners can stay in their homes up until a foreclosure sale happens and the responsibility to preserve their residential or commercial property and pay suitable taxes till such time. This section is intended to help avoid residential or commercial properties from ending up being vacant in the very first place. Read the specific language required by RPAPL § 1303.

RPAPL § 1304 requires mortgage financial institutions to offer borrowers a minimum of ninety days' notice before commencing a foreclosure action. Currently, this Pre-Foreclosure Notice (" PFN") should 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, borrowers typically interpreted this provision to suggest that as long as the customer supplied the mentioned quantity by the date specified, the loan would be reinstated. Frequently, the "cure date" defined in the PFN is the earliest date on which the lender can begin a foreclosure action, which is 90 days after sending the PFN. When the debtor waits a full 90 days to offer the quantity specified, any missed payments and associated interest and fees 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 remain in default due to intervening accruals, in spite of his or her good-faith efforts to resolve the default specified in the PFN.

The new law addresses this issue by modifying the first line of the notice to read "Since ____ your mortgage is ____ days and ___ dollars in default." Similarly, it adds language to RPAPL § 1304 which highlights the borrower's ongoing rights and responsibilities throughout the foreclosure procedure. Read the brand-new pre-foreclosure notification language.

Once a Foreclosure Action Begins

You deserve to receive a copy of the legal papers in the foreclosure suit when it starts. This is called "service" of the Summons and Complaint. You need to 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 methods. The Answer is your chance to mention your defenses.

You must talk to an attorney or housing therapist for aid in this procedure.

You have a responsibility to appear at all set up court appearances. If you stop working 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 authorization to proceed without paying court expenses.

At a Necessary Settlement Conference

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

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

Both celebrations need to negotiate in "great faith", which means honestly and fairly. If you fail to do so, you may lose the chance to pursue a court-supervised settlement. If the bank or mortgage servicer stops working to do so, the court may enforce likewise significant charges. Negotiating in good faith does not need either party to settle.

If you formerly failed to send an Answer, you will be offered an additional thirty 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 designation on your residential or commercial property, which cautions people that title to your residential or commercial property is in conflict, need to be lifted.

You may be accountable for additional taxes if you reach a settlement that includes financial obligation forgiveness. Seek recommendations from a tax professional 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 certain deadlines. It is important to seek help from a legal provider if you think you are owed a surplus.

If the home is offered for less than what you owe, the loan provider might file an application for a judgment against you for the difference, called a deficiency judgment. You may can object to the quantity of any shortage judgment, consisting of interest and penalties.

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

Housing therapists that manage foreclosure-related concerns can give you guidance on your options and resources at little or no expense. They might also have the ability to negotiate with your lender for free and assist you discover complimentary legal services in your location.

Housing therapy resources for New Yorkers include:

- 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 check out 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 approved counseling agents, servicers, and investors that supply totally free assistance.
If you live in New York City, you can also call 311.

If you remain in a foreclosure lawsuit, you should seek advice from a lawyer.

Seek Legal Assistance

Contact a lawyer and review your mortgage files. Make sure your loan is not in offense of any laws. If you do not have an attorney, the New york city State Bar Association might have the ability to refer you to a proper lawyer for your scenario.

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

- New york city's Homeowner Protection Program (HOPP), which links with housing counselors and legal services at no charge. Call the HOPP hotline at (855) 466-3456 or visit 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 totally free legal company in New York.
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