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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.
• Looking for Insurance.
• Managing and Mitigating Losses
  
  Residential Foreclosure Actions Consumer Bill of Rights
  
  This Residential Foreclosure Actions Consumer Bill of Rights supplies guidance to homeowners facing foreclosure in New York. A foreclosure is a lawsuit, and house owners need to seek assistance from an attorney or housing counselor in checking out potential legal defenses to the suit. Homeowners need to likewise understand their basic rights and obligations highlighted listed below.
  
  Throughout the Foreclosure Process
  
  You can remain in your home and the duty to keep your residential or commercial property unless and up until a court orders you to leave. If you desert your home, the plaintiff (bank or mortgage servicer) might have the ability to foreclose on your residential or commercial property through an expedited procedure in court. To avoid this result, stay in your home and carefully review and react to files you get from the complainant or the court in your foreclosure case. A failure to respond or appear in court when required to do so could make it easier for the complainant to reveal 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 might be qualified for totally free legal or housing therapy services.
  
  You have a right to be totally free from harassment or foreclosure scams. Strongly think about consulting with an attorney or housing counselor, if offered, before signing any papers. 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 negotiate a settlement with the plaintiff.
  
  Before a Foreclosure Action Begins in Court
  
  You have a right to be alerted a minimum of 90 days before a foreclosure suit is submitted notifying you that you remain in default and at risk of foreclosure. You have the right to explore "loss mitigation" choices that might enable you to keep your home and prevent litigation. 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 must complete its evaluation of your application before proceeding with the foreclosure fit.
  
  RPAPL § 1303 has actually been modified to require plaintiffs in foreclosure actions to provide a more particular and helpful notice to debtors concerning their rights and responsibilities during the foreclosure process. Specifically, the notice should suggest that property owners deserve to stay in their homes until a foreclosure sale takes place and the responsibility to maintain their residential or commercial property and pay applicable taxes until such time. This area is meant to assist prevent residential or commercial properties from ending up being vacant in the very first location. Read the particular language required by RPAPL § 1303.
  
  RPAPL § 1304 needs mortgage creditors to give customers at least ninety days' notice before beginning a foreclosure action. Currently, this Pre-Foreclosure Notice (" PFN") must 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 translated this arrangement to mean that as long as the customer provided the specified amount by the date defined, the loan would be reinstated. Quite frequently, 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 borrower waits a complete 90 days to offer the quantity specified, any missed out on payments and associated interest and charges from the stepping in months would be contributed to the shortage. In such a case, the customer who submits the quantity set forth in the PFN would stay in default due to stepping in accruals, in spite of his or her good-faith efforts to address the default specified in the PFN.
  
  The new law addresses this concern by modifying the first line of the notification to check out "As of ____ your mortgage is ____ days and ___ dollars in default." Similarly, it includes language to RPAPL § 1304 which highlights the customer's continuous rights and obligations throughout the foreclosure procedure. Read the brand-new pre-foreclosure notice language.
  
  Once a Foreclosure Action Begins
  
  You deserve to receive 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 should react to the Summons and Complaint with an "Answer" within 20 days after you have actually 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 a lawyer or housing therapist for assistance in this procedure.
  
  You have a responsibility to appear at all scheduled court appearances. If you stop working to appear, you risk losing crucial rights, which could lead to the loss of the case and your home.
  
  You have a right to request court authorization to continue without paying court expenses.
  
  At a Mandatory Settlement Conference
  
  You have a right to an explanation of the nature of the foreclosure action against you.
  
  Both parties have a commitment to bring all essential documents to the settlement conference. For a general list of needed files, check out the Mandatory Settlement Conference details page.
  
  Both parties need to negotiate in "good faith", which indicates truthfully and fairly. If you stop working 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 likewise considerable penalties. Negotiating in great faith does not require either party to settle.
  
  If you previously stopped working to submit an Answer, you will be given an additional 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 warns individuals that title to your residential or commercial property is in conflict, must be lifted.
  
  You may be accountable for extra taxes if you reach a settlement that includes debt forgiveness. Seek recommendations from a tax professional 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, based on specific due dates. It is necessary to look for help from a legal provider if you think you are owed a surplus.
  
  If the home is cost less than what you owe, the lender may file an application for a judgment against you for the distinction, called a shortage judgment. You might can contest the amount of any deficiency judgment, including interest and charges.
  
  Get Help! Contact a Not-for-Profit Housing Counselor
  
  Housing therapists that handle foreclosure-related problems can provide you suggestions on your alternatives and resources at little or no expense. They may also have the ability to work out with your lender for totally free and assist you discover totally free legal services in your location.
  
  Housing therapy 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 expense. Call the HOPP hotline at (855) 466-3456 or visit homeownerhelpny.com.
• You can find a list of approved non-profit housing counselors by county here, on the DFS website.
• 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 financiers that supply complimentary assistance.
• If you reside in New york city City, you can also call 311.
  
  If you are in a foreclosure court case, you must seek advice from a lawyer.
  
  Seek Legal Assistance
  
  Contact a lawyer and review 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 have the ability to refer you to a suitable attorney for your situation.
  
  If you can not manage a private lawyer, of charge or affordable legal assistance consist of:
  
  - New york city's Homeowner Protection Program (HOPP), which connects with housing therapists and legal services at no charge. 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 website. LawHelp.org, an online directory site of free legal company in New York.