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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 Renter'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.
Searching for Insurance.
Managing and Mitigating Losses

Residential Foreclosure Actions Consumer Bill of Rights

This Residential Foreclosure Actions Consumer Bill of Rights provides assistance to property owners dealing with foreclosure in New York. A foreclosure is a suit, and property owners need to look for support from a lawyer or housing counselor in checking out prospective legal defenses to the match. Homeowners ought to likewise know their basic rights and commitments highlighted below.

Throughout the Foreclosure Process

You deserve to stay 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 desert your home, the plaintiff (bank or mortgage servicer) may have the ability to foreclose on your residential or commercial property through an expedited procedure in court. To avoid this result, remain in your home and thoroughly review and respond to documents you receive from the complainant or the court in your foreclosure case. A failure to react or appear in court when needed to do so could make it simpler for the complainant to show that your residential or commercial property is uninhabited and deserted, which might put you at risk of an expedited 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 free from harassment or foreclosure scams. Strongly think about speaking with an attorney or housing counselor, if available, 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 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 notified at least 90 days before a foreclosure fit is submitted notifying you that you are in default and at threat of foreclosure. You can check out "loss mitigation" choices that may permit you to keep your home and avoid lawsuits. The bank or mortgage servicer is needed to help you comprehend your loss mitigation alternatives. If you have sent a completed loss mitigation application, your bank or mortgage servicer need to complete its evaluation of your application before proceeding with the foreclosure fit.

RPAPL § 1303 has been amended to require plaintiffs in foreclosure actions to supply a more specific and useful notification to debtors concerning their rights and commitments during the foreclosure process. Specifically, the notice needs to show that homeowners deserve to stay in their homes till a foreclosure sale happens and the obligation to maintain their residential or commercial property and pay suitable taxes up until such time. This section is intended to help prevent residential or commercial properties from ending up being vacant in the very first location. Read the specific language needed by RPAPL § 1303.

RPAPL § 1304 requires mortgage financial institutions to provide borrowers a minimum of ninety days' notification before starting 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, borrowers frequently interpreted this provision to indicate that as long as the debtor offered the specified amount by the date defined, the loan would be restored. On a regular basis, the "treatment 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 out the PFN. When the debtor waits a full 90 days to offer the amount specified, any missed payments and associated interest and charges from the intervening months would be contributed to the shortage. In such a case, the debtor who sends the amount stated in the PFN would stay in default due to intervening accruals, regardless of his or her good-faith efforts to resolve the default specified in the PFN.

The new law addresses this issue by modifying the very 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 debtor's ongoing rights and duties throughout the foreclosure procedure. Read the new pre-foreclosure notice language.

Once a Foreclosure Action Begins

You can 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 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 specify your .
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You ought to speak with a lawyer or housing therapist for help in this procedure.

You have a commitment to appear at all set up court appearances. If you stop working to appear, you run the risk of losing essential rights, which might lead to the loss of the case and your home.

You have a right to demand court permission to proceed 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 responsibility to bring all essential documents to the settlement conference. For a general list of needed files, visit the Mandatory Settlement Conference info page.

Both parties need to work out in "great faith", which implies honestly and fairly. If you fail 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 may impose similarly significant charges. Negotiating in good faith does not require either party to settle.

If you formerly stopped working to send an Answer, you will be provided an extra 30 days 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 people that title to your residential or commercial property is in disagreement, should be raised.

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

After Judgment of Foreclosure and Sale

Upon a judgment of foreclosure and sale, the new owner can look for 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, subject to specific due dates. It is very important to seek aid from a legal provider if you believe you are owed a surplus.

If the home is cost less than what you owe, the lender may submit an application for a judgment versus you for the distinction, referred to as a shortage judgment. You may can contest the amount of any deficiency judgment, consisting of interest and penalties.

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

Housing therapists that handle foreclosure-related problems can provide you advice on your alternatives and resources at little or no expense. They may likewise be able to negotiate with your loan provider for complimentary and assist you find totally free legal services in your area.

Housing counseling 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 go to homeownerhelpny.com.
You can discover 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 agents, servicers, and financiers that supply complimentary support.
If you reside in New york city City, you can also call 311.

If you remain in a foreclosure court case, you need to speak with a lawyer.

Seek Legal Assistance

Contact an attorney and review your mortgage documents. Make certain your loan is not in violation of any laws. If you do not have an attorney, the New york city 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 for complimentary or inexpensive legal help 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 City State Bar Association's Lawyer Referral and Information Service.
The Legal Service Corporation website. LawHelp.org, an online directory site of complimentary legal provider in New York.