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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.
• How Much Insurance Do You Need?
• Problems Obtaining Insurance.
• Flood Insurance.
• Understanding What Affects the Cost.
• Shopping for Insurance.
• Managing and Mitigating Losses
  
  Residential Foreclosure Actions Consumer Bill of Rights
  
  This Residential Foreclosure Actions Consumer Bill of Rights provides assistance to house owners facing foreclosure in New york city. A foreclosure is a suit, and property owners must seek help from an attorney or housing counselor in checking out potential legal defenses to the match. Homeowners must also understand their general rights and commitments highlighted listed below.
  
  Throughout the Foreclosure Process
  
  You deserve to remain in your home and the duty to maintain your residential or commercial property unless and up until a court orders you to leave. If you abandon your home, the plaintiff (bank or mortgage servicer) may be able to foreclose on your residential or commercial property through an expedited procedure in court. To avoid this result, remain in your home and carefully evaluation and respond 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 reveal that your residential or commercial property is uninhabited and deserted, which could put you at risk of an accelerated foreclosure.
  
  You have a right to be represented by a lawyer and might be eligible free of charge legal or housing therapy services.
  
  You have a right to be complimentary from harassment or foreclosure scams. Strongly think about seeking advice from with 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 prevent foreclosure if you repay your loan in complete at any time prior to the sale of your home, or if you negotiate a settlement with the complainant.
  
  Before a Foreclosure Action Begins in Court
  
  You have a right to be informed at least 90 days before a foreclosure suit is filed informing you that you are in default and at threat of foreclosure. You deserve to check out "loss mitigation" choices that may allow you to keep your home and prevent lawsuits. The bank or mortgage servicer is needed to assist you understand your loss mitigation options. If you have actually sent a finished loss mitigation application, your bank or mortgage servicer must finish its evaluation of your application before proceeding with the foreclosure fit.
  
  RPAPL § 1303 has been changed to require complainants in foreclosure actions to provide a more specific and useful notification to borrowers concerning their rights and obligations during the foreclosure procedure. Specifically, the notice needs to show that property owners have the right to remain in their homes up until a foreclosure sale occurs and the commitment to preserve their residential or commercial property and pay appropriate taxes until such time. This section is intended to help avoid residential or commercial properties from ending up being uninhabited in the very first location. Read the particular language needed by RPAPL § 1303.
  
  RPAPL § 1304 requires mortgage creditors to give debtors at least ninety days' notification before starting a foreclosure action. Currently, this Notice (" PFN") need to 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, customers typically translated this arrangement to suggest that as long as the customer offered the specified amount by the date specified, the loan would be restored. On a regular basis, the "remedy date" defined 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 complete 90 days to offer the quantity specified, any missed payments and associated interest and costs from the stepping in months would be contributed to the deficiency. In such a case, the debtor who sends the quantity set forth in the PFN would stay in default due to intervening accruals, despite his or her good-faith efforts to resolve the default defined in the PFN.
  
  The brand-new law addresses this issue by amending the first line of the notice to check out "Since ____ your mortgage is ____ days and ___ dollars in default." Similarly, it adds language to RPAPL § 1304 which highlights the borrower's ongoing rights and duties throughout the foreclosure procedure. Read the brand-new pre-foreclosure notification language.
  
  Once a Foreclosure Action Begins
  
  You deserve to get a copy of the legal documents in the foreclosure claim when it starts. This is called "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 30 days if served on you by other methods. The Answer is your chance to state your defenses.
  
  You ought to consult with a lawyer or housing therapist for assistance 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 essential rights, which could result in the loss of the case and your home.
  
  You have a right to request court consent to continue without paying court expenses.
  
  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 commitment to bring all needed files to the settlement conference. For a general list of required files, go to the Mandatory Settlement Conference info page.
  
  Both parties need to negotiate in "excellent faith", which means truthfully and fairly. If you fail to do so, you might 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 charges. Negotiating in good faith does not need either celebration to settle.
  
  If you formerly stopped working to send an Answer, you will be offered an additional 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 warns individuals that title to your residential or commercial property remains in disagreement, should be raised.
  
  You might be accountable for extra taxes if you reach a settlement that includes financial obligation forgiveness. Consult from a tax expert about any resulting tax effects.
  
  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 file an application with the court for the surplus funds, based on particular due dates. It is very important to seek assistance from a legal provider if you believe you are owed a surplus.
  
  If the home is offered for less than what you owe, the lending institution may submit 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, consisting of interest and charges.
  
  Get Help! Contact a Not-for-Profit Housing Counselor
  
  Housing counselors that manage foreclosure-related concerns can offer you suggestions on your choices and resources at little or no charge. They might also be able to negotiate with your lender for complimentary and assist you find free legal services in your area.
  
  Housing therapy resources for New Yorkers consist of:
  
  - 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 check out homeownerhelpny.com.
• You can find a list of approved non-profit housing counselors by county here, on the DFS website.
• 24-Hour help 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 representatives, servicers, and investors that supply totally free assistance.
• If you reside in New York City, you can also call 311.
  
  If you remain in a foreclosure court case, you must speak with an attorney.
  
  Seek Legal Assistance
  
  Contact an attorney and review your mortgage documents. Ensure your loan is not in offense of any laws. If you do not have an attorney, the New york city State Bar Association may be able to refer you to a proper lawyer for your situation.
  
  If you can not afford a personal attorney, resources totally free or low-priced legal help consist of:
  
  - New York'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 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 complimentary legal service companies in New York.
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