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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 offers guidance to homeowners dealing with foreclosure in New york city. A foreclosure is a lawsuit, and homeowners need to look for support from an attorney or housing counselor in checking out possible legal defenses to the fit. Homeowners need to likewise know their basic rights and obligations highlighted listed below.
  
  Throughout the Foreclosure Process
  
  You have the right to remain in your home and the responsibility to maintain your residential or commercial property unless and until a court orders you to abandon. 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 complainant or the court in your foreclosure case. A failure to respond or appear in court when required to do so might make it simpler 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 a lawyer and may be eligible for totally free legal or housing therapy services.
  
  You have a right to be devoid of harassment or foreclosure rip-offs. Strongly consider speaking with a lawyer or housing counselor, if offered, 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 in complete 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 informed at least 90 days before a foreclosure fit is filed informing you that you remain in default and at risk of foreclosure. You deserve to explore "loss mitigation" choices that may permit you to keep your home and prevent lawsuits. 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 must finish its review of your application before proceeding with the foreclosure match.
  
  RPAPL § 1303 has actually been amended to require complainants in foreclosure actions to supply a more specific and handy notice to customers concerning their rights and obligations during the foreclosure procedure. Specifically, the notice must indicate that property owners have the right to remain in their homes up until a foreclosure sale happens and the obligation to keep their residential or commercial property and pay applicable taxes until such time. This section is meant to help avoid residential or commercial properties from becoming uninhabited in the first location. Read the particular language needed by RPAPL § 1303.
  
  RPAPL § 1304 requires mortgage financial institutions to give borrowers at least ninety days' notification 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 cure this default by making the payment of ___ dollars by ___." Unfortunately, customers frequently translated this provision to mean that as long as the debtor provided 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 creditor can begin a foreclosure action, which is 90 days after sending out the PFN. When the borrower waits a complete 90 days to offer the amount defined, any missed payments and associated interest and fees from the stepping in months would be contributed to the shortage. In such a case, the debtor who sends the quantity stated in the PFN would stay in default due to stepping in accruals, regardless of his or her good-faith efforts to address the default specified in the PFN.
  
  The brand-new law addresses this problem by changing the very first line of the notification to read "As of ____ your mortgage is ____ days and ___ dollars in default." Similarly, it adds language to RPAPL § 1304 which highlights the debtor's continuous rights and obligations throughout the foreclosure procedure. Read the new pre-foreclosure notification language.
  
  Once a Foreclosure Action Begins
  
  You deserve to get a copy of the legal documents in the foreclosure suit when it starts. This is referred to as "service" of the Summons and Complaint. You need to respond to the Summons and Complaint with an "Answer" within 20 days after you have actually been personally served, and within 1 month if served on you by other ways. The Answer is your opportunity to mention your defenses.
  
  You ought to speak with an attorney or housing counselor for aid in this process.
  
  You have a commitment to appear at all set up court looks. If you fail to appear, you risk losing crucial rights, which might lead to the loss of the case and your home.
  
  You have a right to request court approval to proceed without paying court costs.
  
  At a Mandatory Settlement Conference
  
  You have a right to an explanation of the nature of the foreclosure action versus you.
  
  Both parties have a commitment to bring all necessary files to the settlement conference. For a general list of needed documents, go to the Mandatory Settlement Conference details page.
  
  Both celebrations need to negotiate in "great faith", which indicates truthfully and relatively. If you stop working 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 enforce similarly substantial penalties. Negotiating in great faith does not require either celebration to settle.
  
  If you previously stopped working to send 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 finalizing 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 conflict, should be lifted.
  
  You may be accountable for extra taxes if you reach a settlement that consists of debt forgiveness. Seek suggestions from a tax professional 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 submit an application with the court for the surplus funds, subject to certain due dates. It is essential to look for aid from a legal service provider if you think you are owed a surplus.
  
  If the home is offered for less than what you owe, the lending institution may file an application for a judgment versus you for the distinction, called a deficiency judgment. You may have the right to contest the amount of any deficiency judgment, including interest and penalties.
  
  Get Help! Contact a Not-for-Profit Housing Counselor
  
  Housing therapists that manage foreclosure-related problems can offer you recommendations on your alternatives and resources at little or no cost. They might also have the ability to negotiate with your lending institution free of charge and help you discover complimentary legal services in your location.
  
  Housing counseling resources for New Yorkers include:
  
  - 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 see homeownerhelpny.com.
• You can find a list of approved non-profit housing therapists by county here, on the DFS website.
• 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 financiers that supply free support.
• If you reside in New York City, you can also call 311.
  
  If you remain in a foreclosure court case, you should speak with an attorney.
  
  Seek Legal Assistance
  
  Contact an attorney and evaluate your mortgage files. Make sure your loan is not in infraction of any laws. If you do not have an attorney, the New York State Bar Association may be able to refer you to an appropriate lawyer for your circumstance.
  
  If you can not pay for a private attorney, resources free of charge or inexpensive legal support include:
  
  - 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 check out homeownerhelpny.com.
• The New York City State Bar Association's Lawyer Referral and Information Service.
• The Legal Service site. LawHelp.org, an online directory site of complimentary legal company in New York.
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