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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.
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 homeowners dealing with foreclosure in New York. A foreclosure is a suit, and homeowners must seek help from a lawyer or housing counselor in checking out prospective legal defenses to the match. Homeowners must also know their general rights and commitments highlighted below.

Throughout the Foreclosure Process

You can remain in your home and the duty to keep 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 prevent this outcome, remain in your home and thoroughly review and react to documents 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 simpler for the plaintiff to reveal that your residential or commercial property is uninhabited and deserted, which might put you at danger of an accelerated foreclosure.

You have a right to be represented by a lawyer and might be eligible totally free legal or housing therapy services.

You have a right to be totally free from harassment or foreclosure scams. Strongly consider talking to a lawyer or housing therapist, if offered, before signing any papers. If you are the target of harassment or fraud, 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 work out a settlement with the plaintiff.

Before a Foreclosure Action Begins in Court

You have a right to be informed a minimum of 90 days before a foreclosure suit is submitted notifying you that you are in default and at threat of foreclosure. You deserve to check out "loss mitigation" options that might enable you to keep your home and avoid litigation. The bank or mortgage servicer is needed to help you comprehend your loss mitigation options. If you have submitted a finished loss mitigation application, your bank or should complete its review of your application before continuing with the foreclosure suit.

RPAPL § 1303 has been amended to require plaintiffs in foreclosure actions to supply a more particular and valuable notification to borrowers regarding their rights and commitments during the foreclosure procedure. Specifically, the notice needs to suggest that house owners deserve to stay in their homes until a foreclosure sale occurs and the obligation to preserve their residential or commercial property and pay applicable taxes till such time. This area is meant to assist avoid residential or commercial properties from becoming vacant in the very first location. Read the specific language needed by RPAPL § 1303.

RPAPL § 1304 needs mortgage financial institutions to provide borrowers at least ninety days' notice before beginning 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 treat this default by making the payment of ___ dollars by ___." Unfortunately, debtors frequently interpreted this arrangement to indicate that as long as the borrower provided the mentioned quantity by the date specified, the loan would be renewed. On a regular basis, the "remedy date" specified in the PFN is the earliest date on which the financial institution can start a foreclosure action, which is 90 days after sending out the PFN. When the borrower waits a complete 90 days to provide the amount defined, any missed out on payments and associated interest and fees from the intervening months would be included to the shortage. In such a case, the debtor who submits the quantity stated in the PFN would stay in default due to intervening accruals, regardless of his or her good-faith efforts to resolve the default defined in the PFN.

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

Once a Foreclosure Action Begins

You have the right to get a copy of the legal papers in the foreclosure lawsuit when it starts. This is called "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 30 days if served on you by other means. The Answer is your opportunity to specify your defenses.

You must consult with an attorney or housing counselor for aid in this process.

You have a commitment to appear at all arranged court appearances. If you stop working to appear, you risk losing important rights, which could result in the loss of the case and your home.

You have a right to demand court permission to proceed without paying court expenses.

At a Necessary Settlement Conference

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

Both celebrations have an obligation to bring all essential documents to the settlement conference. For a basic list of needed files, visit the Mandatory Settlement Conference details page.

Both celebrations must work out in "great faith", which implies truthfully and fairly. If you fail to do so, you might lose the opportunity to pursue a court-supervised settlement. If the bank or mortgage servicer stops working to do so, the court may enforce similarly significant charges. Negotiating in great faith does not need either party to settle.

If you previously stopped working to submit an Answer, you will be offered an extra one month to do so at the settlement conference.

After Settlement Agreement or Fully Executed Loss Mitigation Agreement

Within 90 days of settling a settlement, the lis pendens classification on your residential or commercial property, which warns individuals that title to your residential or commercial property remains in conflict, should be lifted.

You might be accountable for extra taxes if you reach a settlement that consists of financial obligation forgiveness. Consult from a tax expert 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, subject to particular deadlines. It is essential to look for 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 against you for the difference, known as a shortage judgment. You might have the right to object to the quantity of any deficiency judgment, consisting of interest and penalties.

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

Housing therapists that manage foreclosure-related concerns can provide you suggestions on your choices and resources at little or no expense. They might also have the ability to work out with your lender totally free and assist you discover free legal services in your location.

Housing counseling resources for New Yorkers include:

- New York's Homeowner Protection Program (HOPP), which gets in touch with housing counselors and legal services at no charge. Call the HOPP hotline at (855) 466-3456 or visit homeownerhelpny.com.
You can discover a list of approved non-profit housing counselors by county here, on the DFS site.
24-Hour help is offered 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 financiers that provide complimentary help.
If you live in New york city City, you can likewise call 311.

If you remain in a foreclosure court case, you must seek advice from an attorney.

Seek Legal Assistance

Contact a legal representative and review your mortgage files. 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 might be able to refer you to a proper attorney for your circumstance.

If you can not manage a private attorney, resources free of charge or low-cost legal support include:

- New york city'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.
The New York State Bar Association's Lawyer Referral and Information Service.
The Legal Service Corporation site. LawHelp.org, an online directory of totally free legal provider in New York.
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