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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 provides assistance to house owners facing foreclosure in New York. A foreclosure is a claim, and house owners should look for support from an attorney or housing therapist in exploring possible legal defenses to the match. Homeowners ought to likewise know 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 maintain your residential or commercial property unless and up until a court orders you to vacate. If you abandon 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 prevent this outcome, remain in your home and carefully review and react to documents you get from the plaintiff or the court in your foreclosure case. A failure to respond 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 uninhabited and abandoned, which might put you at risk of an expedited foreclosure.

You have a right to be represented by an attorney and might be qualified totally free legal or housing therapy services.

You have a right to be free from harassment or foreclosure rip-offs. Strongly think about consulting with an attorney or housing counselor, if offered, before signing any documents. 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 work out a settlement with the complainant.

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 are in default and at threat of foreclosure. You deserve to explore "loss mitigation" choices that may allow you to keep your home and prevent litigation. The bank or mortgage servicer is required to assist you comprehend your loss mitigation . If you have submitted a finished loss mitigation application, your bank or mortgage servicer must finish its review of your application before continuing with the foreclosure fit.

RPAPL § 1303 has been changed to require complainants in foreclosure actions to supply a more specific and handy notification to debtors regarding their rights and obligations during the foreclosure process. Specifically, the notification needs to show that homeowners have the right to stay in their homes till a foreclosure sale takes place and the commitment to maintain their residential or commercial property and pay applicable taxes up until such time. This area is intended to help avoid residential or commercial properties from ending up being vacant in the very first location. Read the particular language needed by RPAPL § 1303.

RPAPL § 1304 requires mortgage financial institutions to give debtors at least ninety days' notice before commencing a foreclosure action. Currently, this Pre-Foreclosure Notice (" PFN") must include 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 often translated this provision to mean that as long as the customer supplied the stated amount by the date specified, the loan would be restored. Frequently, the "remedy date" specified 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 full 90 days to offer the amount defined, any missed out on payments and associated interest and costs from the intervening months would be added to the deficiency. In such a case, the debtor who submits the quantity set forth in the PFN would remain in default due to intervening accruals, in spite of his or her good-faith efforts to attend to the default defined in the PFN.

The new law addresses this concern by changing the very first line of the notification 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 duties throughout the foreclosure procedure. Read the brand-new pre-foreclosure notification language.

Once a Foreclosure Action Begins

You have the right to receive a copy of the legal documents in the foreclosure claim when it begins. This is known as "service" of the Summons and Complaint. You should respond 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 seek advice from a lawyer or housing counselor for help in this procedure.

You have a responsibility to appear at all scheduled court appearances. If you stop working to appear, you run the risk of losing important rights, which could lead to the loss of the case and your home.

You have a right to request court approval to proceed without paying court expenses.

At a Compulsory Settlement Conference

You have a right to a description of the nature of the foreclosure action against you.

Both parties have a commitment to bring all necessary files to the settlement conference. For a general list of needed documents, check out the Mandatory Settlement Conference info page.

Both celebrations must work out in "good faith", which implies honestly and fairly. If you fail 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 might enforce likewise significant penalties. Negotiating in excellent faith does not require either celebration to settle.

If you formerly stopped working to send an Answer, you will be provided an extra one month 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 classification on your residential or commercial property, which alerts individuals that title to your residential or commercial property remains in dispute, should be lifted.

You might be accountable for extra taxes if you reach a settlement that includes debt forgiveness. Consult from a tax professional about any resulting tax consequences.

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 particular due dates. It is important to look for assistance from a legal service 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, called a deficiency judgment. You may can contest the quantity of any deficiency judgment, consisting of interest and charges.

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

Housing therapists that deal with foreclosure-related issues can offer you recommendations on your alternatives and resources at little or no cost. They may likewise be able to work out with your lender for free and assist you find totally free legal services in your location.

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 charge. Call the HOPP hotline at (855) 466-3456 or visit homeownerhelpny.com.
You can find a list of approved non-profit housing therapists 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 authorized counseling representatives, servicers, and investors that provide free assistance.
If you live in New York City, you can likewise call 311.

If you are in a foreclosure court case, you must speak with an attorney.

Seek Legal Assistance

Contact a lawyer and evaluate your mortgage documents. Make sure your loan is not in violation 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 lawyer for your scenario.

If you can not pay for a private attorney, resources free of charge or inexpensive legal support consist of:

- New york city's Homeowner Protection Program (HOPP), which links with housing therapists and legal services at no expense. 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 provider in New york city.