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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 Tenant'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.
Just 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 offers guidance to homeowners facing foreclosure in New York. A foreclosure is a lawsuit, and homeowners need to look for help from a lawyer or housing therapist in checking out possible legal defenses to the fit. Homeowners must likewise understand their basic rights and responsibilities highlighted below.

Throughout the Foreclosure Process

You can stay in your home and the duty to maintain your residential or commercial property unless and until a court orders you to abandon. If you desert your home, the complainant (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 evaluation and react to files you receive from the plaintiff or the court in your foreclosure case. A failure to react or appear in court when required to do so might make it much easier for the complainant to show that your residential or commercial property is uninhabited and deserted, which might put you at threat of an accelerated foreclosure.

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

You have a right to be free from harassment or foreclosure rip-offs. Strongly think about seeking advice from with an attorney or housing therapist, if available, 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 prevent 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 notified at least 90 days before a foreclosure match is submitted informing you that you are in default and at risk of foreclosure. You have the right to explore "loss mitigation" options that may enable you to keep your home and avoid litigation. The bank or mortgage servicer is required to assist you understand your loss mitigation alternatives. If you have sent a completed loss mitigation application, your bank or mortgage servicer should finish its evaluation of your application before proceeding with the foreclosure match.
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RPAPL § 1303 has actually been modified to need plaintiffs in foreclosure actions to provide a more specific and useful notice to borrowers concerning their rights and responsibilities throughout the foreclosure process. Specifically, the notice needs to suggest that house owners deserve to remain in their homes up until a foreclosure sale happens and the commitment to preserve their residential or commercial property and pay suitable taxes until such time. This section is planned to assist prevent residential or commercial properties from ending up being uninhabited in the very first place. Read the specific language required by RPAPL § 1303.

RPAPL § 1304 requires mortgage lenders to provide borrowers a minimum of ninety days' notice before beginning a foreclosure action. Currently, this Pre-Foreclosure Notice (" PFN") need to consist of the following language: "Since ___, your mortgage is ___ days in default ... You can cure this default by making the payment of ___ dollars by ___." Unfortunately, debtors frequently interpreted this provision to suggest that as long as the borrower offered the specified quantity by the date specified, the loan would be reinstated. Quite frequently, the "treatment date" specified in the PFN is the earliest date on which the lender can start a foreclosure action, which is 90 days after sending the PFN. When the customer waits a complete 90 days to offer the quantity defined, any missed payments and associated interest and costs from the stepping in months would be included to the shortage. In such a case, the borrower who sends the quantity set forth in the PFN would stay in default due to stepping in accruals, regardless of his/her good-faith efforts to attend to the default specified in the PFN.

The new law addresses this problem by modifying the very first line of the notification to read "Since ____ your mortgage is ____ days and ___ dollars in default." Similarly, it includes language to RPAPL § 1304 which highlights the borrower's ongoing rights and duties throughout the foreclosure procedure. Read the new pre-foreclosure notification language.

Once a Foreclosure Action Begins

You deserve to get a copy of the legal documents in the foreclosure lawsuit 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 been personally served, and within thirty days if served on you by other methods. The Answer is your opportunity to specify your defenses.

You must talk to an attorney or housing therapist for help in this procedure.

You have an obligation to appear at all scheduled court appearances. If you fail to appear, you risk losing essential rights, which could lead to the loss of the case and your home.

You have a right to demand court consent to continue 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 celebrations have a responsibility to bring all necessary documents to the settlement conference. For a general list of needed documents, go to the Mandatory Settlement Conference information page.

Both parties should work out in "great faith", which suggests truthfully and relatively. If you stop working to do so, you may lose the opportunity to pursue a court-supervised settlement. If the bank or mortgage servicer stops working to do so, the court might impose likewise substantial penalties. Negotiating in good faith does not need either celebration to settle.

If you previously stopped working to send a Response, 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 finalizing a settlement, the lis pendens classification on your residential or commercial property, which warns individuals that title to your residential or is in conflict, should be lifted.

You may be responsible for additional taxes if you reach a settlement that includes financial obligation 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 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, based on specific deadlines. It is necessary to seek help from a legal service company if you think you are owed a surplus.

If the home is sold for less than what you owe, the loan provider might submit an application for a judgment versus you for the difference, referred to as a shortage judgment. You may have the right to contest the amount of any deficiency judgment, consisting of interest and penalties.

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

Housing therapists that manage foreclosure-related problems can offer you suggestions on your alternatives and resources at little or no charge. They might also be able to negotiate with your lending institution free of charge and assist you discover free legal services in your location.

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 cost. Call the HOPP hotline at (855) 466-3456 or see homeownerhelpny.com.
You can find a list of approved non-profit housing therapists by county here, on the DFS website.
24-Hour support is readily available toll-free on the HOPE NOW hotline at 888-995-HOPE (888-995-4673). HOPE NOW is an alliance of HUD authorized counseling agents, servicers, and investors that offer free help.
If you reside in New york city City, you can likewise call 311.

If you are in a foreclosure lawsuit, you must consult a lawyer.

Seek Legal Assistance

Contact a lawyer and evaluate your mortgage files. Make sure your loan is not in infraction of any laws. If you do not have a lawyer, the New York State Bar Association may be able to refer you to a proper lawyer for your circumstance.

If you can not pay for a private attorney, resources for totally free or low-cost legal support consist of:

- 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 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 company in New York.