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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 guidance to property owners dealing with foreclosure in New york city. A foreclosure is a lawsuit, and homeowners ought to look for assistance from an attorney or housing counselor in exploring possible legal defenses to the match. Homeowners should likewise know their general rights and commitments highlighted listed below.
  
  Throughout the Foreclosure Process
  
  You can remain in your home and the responsibility to keep your residential or commercial property unless and till a court orders you to leave. If you desert your home, the complainant (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 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 could make it easier for the plaintiff to reveal that your residential or commercial property is vacant and deserted, which might put you at risk of an accelerated foreclosure.
  
  You have a right to be represented by a lawyer and might be qualified for complimentary legal or housing therapy services.
  
  You have a right to be devoid of harassment or foreclosure rip-offs. Strongly consider seeking advice from 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 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 submitted notifying you that you are in default and at danger of foreclosure. You can explore "loss mitigation" options that may permit you to keep your home and . The bank or mortgage servicer is needed to help you comprehend your loss mitigation options. If you have sent a finished loss mitigation application, your bank or mortgage servicer should complete its review of your application before continuing with the foreclosure suit.
  
  RPAPL § 1303 has actually been modified to need complainants in foreclosure actions to supply a more particular and useful notice to debtors concerning their rights and responsibilities during the foreclosure process. Specifically, the notification must suggest that property owners deserve to stay in their homes until 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 lenders to offer customers a minimum of ninety days' notice before starting a foreclosure action. Currently, this Pre-Foreclosure Notice (" PFN") should consist of 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 typically analyzed this arrangement to imply that as long as the borrower supplied the stated amount by the date defined, the loan would be renewed. Frequently, the "remedy 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 complete 90 days to supply the quantity defined, any missed payments and associated interest and costs from the stepping in months would be contributed to the shortage. In such a case, the customer who submits the amount stated in the PFN would stay in default due to intervening accruals, in spite of his or her good-faith efforts to address the default defined in the PFN.
  
  The brand-new law addresses this concern by amending the very first line of the notification to read "As of ____ your mortgage is ____ days and ___ dollars in default." Similarly, it adds language to RPAPL § 1304 which highlights the debtor's ongoing rights and obligations throughout the foreclosure process. Read the brand-new pre-foreclosure notification language.
  
  Once a Foreclosure Action Begins
  
  You have the right to get a copy of the legal documents in the foreclosure claim when it begins. 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 been personally served, and within thirty days if served on you by other means. The Answer is your opportunity to specify your defenses.
  
  You ought 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 run the risk of losing essential rights, which might result in the loss of the case and your home.
  
  You have a right to request court permission to proceed without paying court costs.
  
  At a Mandatory Settlement Conference
  
  You have a right to a description of the nature of the foreclosure action against you.
  
  Both parties have an obligation to bring all required files to the settlement conference. For a general list of required files, visit the Mandatory Settlement Conference info page.
  
  Both celebrations need to work out in "great faith", which means truthfully and fairly. If you stop working 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 impose similarly significant penalties. Negotiating in good faith does not require either party to settle.
  
  If you formerly failed to send an Answer, you will be given an extra 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 alerts people that title to your residential or commercial property remains in disagreement, need to be lifted.
  
  You might be accountable for extra taxes if you reach a settlement that consists of financial obligation forgiveness. Seek advice from a tax professional about any resulting tax effects.
  
  After Judgment of Foreclosure and Sale
  
  Upon a judgment of foreclosure and sale, the brand-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, subject to certain due dates. It is crucial to seek assistance from a legal service supplier if you think you are owed a surplus.
  realtor.com
  If the home is cost less than what you owe, the lender may submit an application for a judgment versus you for the difference, known as a deficiency judgment. You might deserve to contest the amount of any shortage judgment, including interest and charges.
  
  Get Help! Contact a Not-for-Profit Housing Counselor
  
  Housing therapists that handle foreclosure-related problems can offer you guidance on your alternatives and resources at little or no cost. They might also be able to work out with your loan provider free of charge and help you discover totally free legal services in your area.
  
  Housing therapy resources for New Yorkers include:
  
  - 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 authorized non-profit housing therapists by county here, on the DFS site.
• 24-Hour assistance is readily 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 offer free help.
• If you live in New york city City, you can likewise call 311.
  
  If you are in a foreclosure lawsuit, you ought to speak with a lawyer.
  
  Seek Legal Assistance
  
  Contact a lawyer and review your mortgage files. Make certain your loan is not in violation of any laws. If you do not have a lawyer, the New York State Bar Association may be able to refer you to an appropriate lawyer for your circumstance.
  
  If you can not manage a personal attorney, resources free of charge or low-cost legal assistance include:
  
  - New York's Homeowner Protection Program (HOPP), which connects with housing counselors and legal services at no charge. Call the HOPP hotline at (855) 466-3456 or visit homeownerhelpny.com.
• The New York State Bar Association's Lawyer Referral and Information Service.
• The Legal Service Corporation site. LawHelp.org, an online directory of free legal company in New York.