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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
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- 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.
Looking for Insurance.
Managing and Mitigating Losses

Residential Foreclosure Actions Consumer Bill of Rights

This Residential Foreclosure Actions Consumer Bill of Rights provides guidance to property owners facing foreclosure in New york city. A foreclosure is a suit, and should look for help from a lawyer or housing therapist in checking out possible legal defenses to the fit. Homeowners should likewise understand their basic rights and commitments 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 till a court orders you to abandon. If you desert your home, the complainant (bank or mortgage servicer) might have the ability to foreclose on your residential or commercial property through an expedited process in court. To prevent this result, remain in your home and carefully evaluation and react to documents you get from the complainant or the court in your foreclosure case. A failure to react or appear in court when needed to do so might make it much easier for the plaintiff to show that your residential or commercial property is vacant and abandoned, which might put you at threat of a sped up foreclosure.

You have a right to be represented by an attorney and might be eligible free of charge legal or housing counseling services.

You have a right to be devoid of harassment or foreclosure scams. Strongly consider consulting with an attorney 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 prevent 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 notified at least 90 days before a foreclosure fit is submitted informing you that you remain in default and at threat of foreclosure. You can explore "loss mitigation" options that might enable you to keep your home and avoid lawsuits. The bank or mortgage servicer is required to assist you comprehend your loss mitigation options. If you have sent a finished loss mitigation application, your bank or mortgage servicer should complete its review of your application before proceeding with the foreclosure suit.

RPAPL § 1303 has actually been amended to need complainants in foreclosure actions to offer a more specific and practical notice to debtors regarding their rights and responsibilities during the foreclosure procedure. Specifically, the notice must show that homeowners deserve to stay in their homes up until a foreclosure sale happens and the commitment to keep their residential or commercial property and pay suitable taxes up until such time. This section is meant to assist avoid residential or commercial properties from ending up being vacant in the very first location. Read the particular language required by RPAPL § 1303.

RPAPL § 1304 requires mortgage financial institutions to offer debtors at least ninety days' notification before commencing a foreclosure action. Currently, this Pre-Foreclosure Notice (" PFN") must include the following language: "Since ___, your mortgage is ___ days in default ... You can treat this default by making the payment of ___ dollars by ___." Unfortunately, borrowers frequently translated this arrangement to mean that as long as the borrower offered the mentioned quantity by the date defined, the loan would be restored. Frequently, the "cure date" specified in the PFN is the earliest date on which the creditor can start a foreclosure action, which is 90 days after sending the PFN. When the debtor waits a complete 90 days to offer the quantity defined, any missed out on payments and associated interest and charges from the intervening months would be added to the deficiency. In such a case, the borrower 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 deal with the default defined in the PFN.

The new law addresses this concern by amending the very first line of the notice to check out "Since ____ your mortgage is ____ days and ___ dollars in default." Similarly, it includes language to RPAPL § 1304 which highlights the customer's continuous rights and responsibilities throughout the foreclosure process. Read the new pre-foreclosure notification language.

Once a Foreclosure Action Begins

You can get a copy of the legal papers in the foreclosure lawsuit when it begins. 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 ways. The Answer is your chance to state your defenses.

You should talk to an attorney or housing therapist for assistance in this procedure.

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

You have a right to demand court consent to proceed 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.
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Both parties have a responsibility to bring all necessary files to the settlement conference. For a general list of required files, visit the Mandatory Settlement Conference info page.

Both celebrations should negotiate in "good faith", which indicates 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 might impose similarly substantial penalties. Negotiating in great faith does not need either celebration to settle.

If you previously stopped working to send a Response, 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 completing a settlement, the lis pendens designation on your residential or commercial property, which alerts individuals that title to your residential or commercial property is in dispute, need to be raised.

You may be accountable for extra taxes if you reach a settlement that consists of financial obligation forgiveness. Consult from a tax expert about any resulting tax repercussions.

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, subject to specific due dates. It is essential to seek help from a legal service company 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 deficiency judgment. You may have the right to object to the quantity of any deficiency judgment, including interest and penalties.

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

Housing counselors that manage foreclosure-related concerns can offer you guidance on your alternatives and resources at little or no cost. They might likewise have the ability to work out with your lender totally free and assist you find totally free legal services in your area.

Housing counseling resources for New Yorkers consist of:

- New York's Homeowner Protection Program (HOPP), which gets in touch with housing counselors and legal services at no cost. Call the HOPP hotline at (855) 466-3456 or check out homeownerhelpny.com.
You can discover a list of approved non-profit housing therapists by county here, on the DFS site.
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 supply complimentary assistance.
If you live in New york city City, you can likewise call 311.

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

Seek Legal Assistance

Contact a legal representative and evaluate your mortgage files. Make certain 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 suitable attorney for your circumstance.

If you can not pay for a personal lawyer, resources for totally free or affordable legal support include:

- New york city's Homeowner Protection Program (HOPP), which connects 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 State Bar Association's Lawyer Referral and Information Service.
The Legal Service Corporation site. LawHelp.org, an online directory site of totally free legal company in New york city.