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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.
• 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 assistance to house owners dealing with foreclosure in New york city. A foreclosure is a suit, and property owners ought to seek assistance from a lawyer or housing counselor in checking out prospective legal defenses to the suit. Homeowners ought to likewise know their basic rights and obligations highlighted below.
  
  Throughout the Foreclosure Process
  
  You can stay in your home and the task to keep your residential or commercial property unless and until a court orders you to vacate. If you desert 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 outcome, 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 required to do so might make it easier for the plaintiff to reveal that your residential or commercial property is uninhabited and abandoned, which might put you at danger of an expedited foreclosure.
  
  You have a right to be represented by a lawyer and might be eligible free of charge legal or housing counseling services.
  
  You have a right to be devoid of harassment or foreclosure rip-offs. Strongly think about seeking advice from an attorney or housing counselor, if offered, 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 prevent foreclosure if you repay your loan in full 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 alerted at least 90 days before a foreclosure match is filed informing you that you remain in default and at risk of foreclosure. You have the right to explore "loss mitigation" alternatives that may enable you to keep your home and avoid litigation. The bank or mortgage servicer is required to assist you comprehend your loss mitigation choices. If you have actually sent a completed loss mitigation application, your bank or mortgage servicer should complete its evaluation of your application before proceeding with the foreclosure match.
  
  RPAPL § 1303 has been changed to require complainants in foreclosure actions to supply a more specific and handy notification to customers regarding their rights and commitments throughout the foreclosure procedure. Specifically, the notice needs to suggest that property owners deserve to stay in their homes up until a foreclosure sale happens and the responsibility to preserve their residential or commercial property and pay relevant taxes till such time. This area is intended to assist prevent residential or commercial properties from becoming uninhabited in the very first location. Read the particular language needed by RPAPL § 1303.
  
  RPAPL § 1304 needs mortgage lenders to offer borrowers a minimum of ninety days' notification before starting a foreclosure action. Currently, this Pre-Foreclosure Notice (" PFN") need to consist of the following language: "Since ___, 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 suggest that as long as the borrower provided the mentioned quantity by the date defined, the loan would be reinstated. Frequently, the "cure date" specified in the PFN is the earliest date on which the financial institution can begin a foreclosure action, which is 90 days after sending the PFN. When the borrower waits a full 90 days to supply the quantity specified, any missed payments and associated interest and charges from the stepping in months would be contributed to the deficiency. In such a case, the borrower who sends the quantity set forth in the PFN would stay in default due to intervening accruals, in spite of his/her good-faith efforts to deal with the default specified in the PFN.
  
  The new law addresses this issue by modifying the very 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 customer's continuous rights and duties throughout the foreclosure process. Read the new pre-foreclosure notice language.
  
  Once a Foreclosure Action Begins
  
  You deserve to get a copy of the legal papers in the foreclosure claim when it begins. This is referred to as "service" of the Summons and Complaint. You must react to the Summons and Complaint with an "Answer" within 20 days after you have been personally served, and within one month if served on you by other ways. The Answer is your chance to specify your defenses.
  
  You must seek advice from with an attorney or housing counselor for help in this process.
  
  You have a commitment to appear at all set up court looks. If you stop working to appear, you risk losing crucial rights, which might lead to the loss of the case and your home.
  
  You have a right to demand court consent to continue 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 responsibility to bring all required files to the settlement conference. For a basic list of required documents, go to the Mandatory Settlement Conference information page.
  
  Both celebrations need to negotiate in "good faith", which indicates honestly 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 party to settle.
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  If you previously stopped working to send a Response, you will be given an extra 1 month 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 classification on your residential or commercial property, which cautions individuals that title to your residential or commercial property remains in dispute, should be lifted.
  
  You may be responsible for extra taxes if you reach a settlement that includes financial obligation forgiveness. Seek recommendations from a tax expert about any resulting tax repercussions.
  
  After Judgment of Foreclosure and Sale
  
  Upon a judgment of foreclosure and sale, the 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 particular deadlines. It is very important to seek assistance from a legal provider if you believe you are owed a surplus.
  
  If the home is cost less than what you owe, the loan provider may file an application for a judgment against you for the distinction, understood as a shortage judgment. You might have the right to contest the quantity of any deficiency judgment, including interest and charges.
  
  Get Help! Contact a Not-for-Profit Housing Counselor
  
  Housing counselors that handle foreclosure-related problems can provide you recommendations on your choices and resources at little or no expense. They may likewise have the ability to negotiate with your loan provider totally free and help you find complimentary legal services in your area.
  
  Housing therapy resources for New Yorkers include:
  
  - New York's Homeowner Protection Program (HOPP), which gets in touch with housing therapists and legal services at no expense. Call the HOPP hotline at (855) 466-3456 or visit homeownerhelpny.com.
• You can discover a list of approved non-profit housing therapists by county here, on the DFS site.
• 24-Hour assistance is offered 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 provide totally free assistance.
• If you live in New York City, you can also call 311.
  
  If you remain in a foreclosure lawsuit, you ought to seek advice from a lawyer.
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  Seek Legal Assistance
  
  Contact a legal representative 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 an appropriate attorney for your situation.
  
  If you can not manage a personal attorney, resources free of charge or inexpensive legal support consist of:
  
  - New york city's Homeowner Protection Program (HOPP), which gets in touch with housing therapists and legal services at no cost. Call the HOPP hotline at (855) 466-3456 or see homeownerhelpny.com.
• The New York State Bar Association's Lawyer Referral and Information Service.
• The Legal Service Corporation website. LawHelp.org, an online directory of complimentary legal service companies in New york city.