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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.
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How Much Insurance Do You Need?
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Flood Insurance.
Understanding What Affects the Cost.
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Managing and Mitigating Losses

Residential Foreclosure Actions Consumer Bill of Rights

This Residential Foreclosure Actions Consumer Bill of Rights offers assistance to property owners facing foreclosure in New york city. A foreclosure is a claim, and property owners should seek help from an attorney or housing therapist in checking out prospective legal defenses to the suit. Homeowners need to also understand their general rights and obligations highlighted below.

Throughout the Foreclosure Process

You can remain in your home and the responsibility to maintain your residential or commercial property unless and 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 in court. To prevent this result, remain in your home and thoroughly evaluation and react to files 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 much easier for the complainant to reveal that your residential or commercial property is uninhabited and deserted, which could put you at threat of an expedited foreclosure.

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

You have a right to be totally free from harassment or foreclosure scams. Strongly think about speaking with a lawyer or housing therapist, if available, 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 complete at any time previous to the sale of your home, or if you negotiate a settlement with the complainant.

Before a Foreclosure Action Begins in Court

You have a right to be informed a minimum of 90 days before a foreclosure match is filed informing 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 required to help you understand your loss mitigation choices. If you have submitted a completed loss mitigation application, your bank or mortgage servicer need to finish its evaluation of your application before continuing with the foreclosure fit.

RPAPL § 1303 has been modified to require plaintiffs in foreclosure actions to offer a more specific and useful notice to customers regarding their rights and responsibilities during the foreclosure process. Specifically, the notification should show that property owners have the right to remain in their homes until a foreclosure sale takes place and the commitment to preserve their residential or commercial property and pay applicable taxes till such time. This section is meant to help prevent residential or commercial properties from becoming vacant in the first place. Read the particular language needed by RPAPL § 1303.

RPAPL § 1304 requires mortgage financial institutions to offer borrowers a minimum of ninety days' notice before starting a foreclosure action. Currently, this Pre-Foreclosure Notice (" PFN") should consist of the following language: "Since ___, your mortgage is ___ days in default ... You can treat this default by making the payment of ___ dollars by ___." Unfortunately, customers typically interpreted this arrangement to indicate that as long as the borrower offered the mentioned quantity by the date specified, the loan would be reinstated. On a regular basis, the "treatment 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 debtor waits a full 90 days to provide the quantity defined, any missed payments and associated interest and fees from the intervening months would be contributed to the deficiency. In such a case, the customer who submits the quantity stated in the PFN would remain in default due to intervening accruals, in spite of his or her good-faith efforts to resolve the default specified in the PFN.

The new law addresses this problem by modifying the very first line of the notice to read "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 responsibilities throughout the foreclosure procedure. Read the new pre-foreclosure notification language.

Once a Foreclosure Action Begins

You deserve to receive a copy of the legal papers in the foreclosure claim when it begins. This is known as "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 thirty days if served on you by other methods. The Answer is your chance to specify your defenses.

You must seek advice from a lawyer or housing counselor for help in this process.

You have a responsibility to appear at all set up 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 approval to proceed without paying court expenses.

At a Necessary Settlement Conference

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

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

Both celebrations need to negotiate in "great faith", which means honestly and relatively. If you stop working 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 might impose similarly significant penalties. Negotiating in great faith does not require either celebration to settle.

If you previously stopped working to submit an Answer, you will be offered an additional 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 cautions individuals that title to your residential or commercial property is in conflict, need to be raised.

You might be accountable for extra taxes if you reach a settlement that includes debt forgiveness. Seek advice from a tax expert 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 file an application with the court for the surplus funds, subject to certain deadlines. It is essential to seek assistance from a legal company if you believe you are owed a surplus.

If the home is sold for less than what you owe, the lending institution may file an application for a judgment against you for the difference, called a deficiency judgment. You may have the right to object to the quantity of any shortage judgment, including interest and penalties.

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

Housing counselors that deal with foreclosure-related problems can offer you advice on your alternatives and resources at little or no cost. They may also be able to work out with your loan provider for complimentary and help you discover totally free legal services in your location.

Housing counseling resources for New Yorkers include:

- New york city'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 check out homeownerhelpny.com.
You can find a list of approved non-profit housing counselors by county here, on the DFS site.
24-Hour help 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 agents, servicers, and investors that supply free help.
If you reside in New york city City, you can likewise call 311.

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

Seek Legal Assistance

Contact an attorney and review your mortgage files. Make certain your loan is not in infraction of any laws. If you do not have a lawyer, the New York State Bar Association might be able to refer you to a suitable lawyer for your situation.

If you can not afford a private attorney, resources free of charge or low-cost legal help 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.
The New York City State Bar Association's Lawyer Referral and Information Service.
The Legal Service Corporation site. LawHelp.org, an online directory site of complimentary legal company in New york city.
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