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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 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.
• Choosing a Policy.
• How Much Insurance Do You Need?
• Problems Obtaining Insurance.
• Flood Insurance.
• Understanding What Affects the Cost.
• Shopping for Insurance.
• Managing and Mitigating Losses
  
  Actions Consumer Bill of Rights
  
  This Residential Foreclosure Actions Consumer Bill of Rights offers assistance to property owners dealing with foreclosure in New york city. A foreclosure is a suit, and property owners need to look for assistance from a lawyer or housing counselor in checking out prospective legal defenses to the match. Homeowners should likewise understand their basic rights and obligations highlighted listed below.
  
  Throughout the Foreclosure Process
  
  You have the right to remain in your home and the duty 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) might be able to foreclose on your residential or commercial property through an expedited procedure in court. To prevent this result, remain in your home and carefully evaluation and respond to files you get from the plaintiff or the court in your foreclosure case. A failure to respond or appear in court when needed 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 risk of a sped up foreclosure.
  
  You have a right to be represented by an attorney and might be eligible for totally free legal or housing counseling services.
  
  You have a right to be devoid of harassment or foreclosure frauds. Strongly consider seeking advice from with a lawyer or housing counselor, if offered, 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 avoid foreclosure if you repay your loan completely 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 at least 90 days before a foreclosure suit is submitted informing you that you remain in default and at threat of foreclosure. You can explore "loss mitigation" choices that may enable you to keep your home and avoid lawsuits. The bank or mortgage servicer is needed to assist you comprehend your loss mitigation alternatives. If you have actually submitted a completed loss mitigation application, your bank or mortgage servicer should finish its review of your application before continuing with the foreclosure fit.
  
  RPAPL § 1303 has actually been amended to require complainants in foreclosure actions to supply a more specific and practical notification to debtors concerning their rights and responsibilities throughout the foreclosure procedure. Specifically, the notice should indicate that house owners can stay in their homes until a foreclosure sale happens and the responsibility to maintain their residential or commercial property and pay appropriate taxes till such time. This area is intended to help avoid residential or commercial properties from becoming vacant in the very first location. Read the specific language needed by RPAPL § 1303.
  
  RPAPL § 1304 requires mortgage lenders to offer debtors at least ninety days' notice before starting 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 treat this default by making the payment of ___ dollars by ___." Unfortunately, debtors often interpreted this arrangement to mean that as long as the borrower offered the mentioned amount by the date defined, the loan would be restored. Quite typically, 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 debtor waits a full 90 days to provide the amount defined, any missed payments and associated interest and charges from the stepping in months would be included to the deficiency. In such a case, the customer who sends the amount stated in the PFN would remain in default due to intervening accruals, in spite of his or her good-faith efforts to attend to the default specified in the PFN.
  
  The new law addresses this concern by modifying the first line of the notification to read "Since ____ your mortgage is ____ days and ___ dollars in default." Similarly, it includes language to RPAPL § 1304 which highlights the customer's ongoing rights and obligations throughout the foreclosure procedure. Read the brand-new pre-foreclosure notice language.
  
  Once a Foreclosure Action Begins
  
  You have the right to get a copy of the legal documents in the foreclosure suit 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 thirty days if served on you by other means. The Answer is your opportunity to state your defenses.
  
  You need to talk to an attorney or housing counselor for aid in this procedure.
  
  You have a commitment to appear at all scheduled court looks. If you stop working to appear, you run the risk of losing important rights, which could lead to the loss of the case and your home.
  
  You have a right to demand court permission to proceed without paying court costs.
  
  At an Obligatory Settlement Conference
  
  You have a right to an explanation of the nature of the foreclosure action against you.
  
  Both celebrations have a responsibility to bring all essential documents to the settlement conference. For a basic list of required files, visit the Mandatory Settlement Conference details page.
  
  Both parties need to negotiate in "excellent faith", which indicates honestly and relatively. 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 may enforce similarly substantial penalties. Negotiating in good faith does not need either party to settle.
  
  If you formerly stopped working to submit a Response, 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 designation on your residential or commercial property, which cautions individuals that title to your residential or commercial property remains in dispute, should be raised.
  
  You might be responsible for extra taxes if you reach a settlement that includes debt forgiveness. Seek suggestions 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 certain due dates. It is very important to seek aid from a legal provider if you think you are owed a surplus.
  
  If the home is sold for less than what you owe, the lender may file an application for a judgment versus you for the distinction, referred to as a shortage judgment. You might have the right to object to the amount of any deficiency judgment, consisting of interest and penalties.
  
  Get Help! Contact a Not-for-Profit Housing Counselor
  
  Housing therapists that manage foreclosure-related issues can offer you advice on your choices and resources at little or no charge. They may likewise be able to work out with your lender free of charge and help you find complimentary legal services in your location.
  
  Housing therapy resources for New Yorkers consist of:
  
  - New york city's Homeowner Protection Program (HOPP), which links with housing therapists and legal services at no charge. Call the HOPP hotline at (855) 466-3456 or check out homeownerhelpny.com.
• You can find a list of approved non-profit housing therapists by county here, on the DFS site.
• 24-Hour support is 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 complimentary help.
• If you reside in New York City, you can also call 311.
  
  If you remain in a foreclosure court case, you should consult an attorney.
  
  Seek Legal Assistance
  
  Contact a legal representative and evaluate your mortgage documents. Make sure 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 a proper lawyer for your circumstance.
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  If you can not pay for a personal lawyer, resources totally free or affordable legal help include:
  
  - New york city's Homeowner Protection Program (HOPP), which links 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 State Bar Association's Lawyer Referral and Information Service.
• The Legal Service Corporation site. LawHelp.org, an online directory of free legal provider in New York.
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