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Help for Homeowners
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- 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 Tenant's Rights in Foreclosure.
Rent-To-Own and Installment Contracts.
Renter's Insurance

- Basic Coverage and Adding Coverage.
Force-Placed Insurance.
Cancellations and Nonrenewals. a Policy.
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 assistance to homeowners dealing with foreclosure in New York. A foreclosure is a claim, and house owners ought to look for help from a lawyer or housing therapist in exploring possible legal defenses to the fit. Homeowners should likewise know their general rights and obligations highlighted listed below.

Throughout the Foreclosure Process

You can remain in your home and the duty to keep your residential or commercial property unless and up until a court orders you to leave. If you desert 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 result, remain in your home and carefully review and respond to documents you get from the plaintiff or the court in your foreclosure case. A failure to respond or appear in court when required to do so could make it much easier for the plaintiff to reveal that your residential or commercial property is uninhabited and abandoned, which might put you at risk of a sped up foreclosure.

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

You have a right to be devoid of harassment or foreclosure scams. Strongly consider seeking advice from a lawyer or housing counselor, if available, before signing any documents. 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 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 alerted at least 90 days before a foreclosure suit is filed informing you that you remain in default and at risk of foreclosure. You can check out "loss mitigation" alternatives that might enable you to keep your home and prevent litigation. The bank or mortgage servicer is required to assist you understand your loss mitigation choices. If you have actually sent a completed loss mitigation application, your bank or mortgage servicer need to complete its evaluation of your application before proceeding with the foreclosure match.

RPAPL § 1303 has actually been changed to require complainants in foreclosure actions to offer a more specific and practical notification to customers concerning their rights and responsibilities during the foreclosure procedure. Specifically, the notice needs to indicate that property owners can stay in their homes until a foreclosure sale occurs and the commitment to preserve their residential or commercial property and pay suitable taxes until such time. This area is meant to assist prevent residential or commercial properties from becoming vacant in the very first place. Read the particular language needed by RPAPL § 1303.

RPAPL § 1304 requires mortgage financial institutions to give debtors a minimum of ninety days' notice before commencing a foreclosure action. Currently, this Pre-Foreclosure Notice (" PFN") need to include the following language: "Since ___, your mortgage is ___ days in default ... You can cure this default by making the payment of ___ dollars by ___." Unfortunately, debtors frequently translated this arrangement to mean that as long as the borrower provided the specified amount by the date specified, the loan would be renewed. Frequently, the "treatment date" specified 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 customer waits a complete 90 days to offer the quantity specified, any missed out on payments and associated interest and costs from the intervening months would be added to the deficiency. In such a case, the borrower who sends the quantity stated in the PFN would remain in default due to intervening accruals, in spite of his/her good-faith efforts to deal with the default defined in the PFN.

The new law addresses this problem by modifying 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 borrower's continuous rights and obligations throughout the foreclosure process. Read the 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 begins. This is called "service" of the Summons and Complaint. You must respond to the Summons and Complaint with an "Answer" within 20 days after you have been personally served, and within 30 days if served on you by other means. The Answer is your chance to mention your defenses.

You ought to seek advice from a lawyer or housing therapist for help in this process.

You have a responsibility to appear at all set up 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 permission to continue without paying court expenses.

At an Obligatory 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 needed files to the settlement conference. For a basic list of required files, go to the Mandatory Settlement Conference info page.

Both celebrations should negotiate in "excellent faith", which means truthfully and fairly. If you fail to do so, you may lose the opportunity to pursue a court-supervised settlement. If the bank or mortgage servicer fails to do so, the court might impose likewise substantial charges. Negotiating in excellent faith does not need either celebration to settle.

If you formerly failed to submit an Answer, you will be given an additional 30 days to do so at the settlement conference.

After Settlement Agreement or Fully Executed Loss Mitigation Agreement

Within 90 days of finalizing 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, must be raised.

You might be accountable for extra taxes if you reach a settlement that consists of debt forgiveness. Seek recommendations from a tax expert 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 due dates. It is essential to seek assistance from a legal service provider if you believe you are owed a surplus.

If the home is sold for less than what you owe, the lender might file an application for a judgment against you for the difference, called a shortage judgment. You may have the right to contest the quantity of any deficiency judgment, including interest and penalties.

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

Housing therapists that deal with foreclosure-related concerns can offer you suggestions on your choices and resources at little or no charge. They might also have the ability to negotiate with your lending institution for totally free and assist you discover complimentary legal services in your area.

Housing therapy resources for New Yorkers consist of:

- New York'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.
You can find a list of authorized non-profit housing therapists by county here, on the DFS site.
24-Hour support is readily available 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 investors that supply totally free help.
If you reside in New york city City, you can also call 311.

If you remain in a foreclosure court case, you need to consult an attorney.

Seek Legal Assistance

Contact an attorney and review your mortgage documents. Ensure your loan is not in infraction of any laws. If you do not have a lawyer, the New York State Bar Association may have the ability to refer you to a suitable attorney for your situation.

If you can not afford a personal lawyer, resources free of charge or low-priced legal assistance 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 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 site of complimentary legal provider in New York.
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