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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.
• Just 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 supplies assistance to property owners facing foreclosure in New York. A foreclosure is a lawsuit, and homeowners must look for assistance from an attorney or housing therapist in checking out prospective legal defenses to the suit. Homeowners need to likewise know their general rights and responsibilities highlighted listed below.
  
  Throughout the Foreclosure Process
  
  You deserve to 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 (bank or mortgage servicer) might be able to foreclose on your residential or commercial property through an expedited process in court. To prevent this result, stay in your home and thoroughly review and react to files you get from the plaintiff or the court in your foreclosure case. A failure to respond or appear in court when needed to do so might make it much easier for the complainant to reveal that your residential or commercial property is uninhabited and abandoned, which might put you at danger of an accelerated foreclosure.
  
  You have a right to be represented by a lawyer and might be qualified for free legal or housing counseling services.
  
  You have a right to be devoid of harassment or foreclosure frauds. Strongly think about speaking 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 prevent foreclosure if you repay your loan in complete at any time previous 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 match is filed notifying you that you remain in default and at threat of foreclosure. You can check out “loss mitigation” alternatives that might permit you to keep your home and avoid litigation. The bank or mortgage servicer is needed to assist you comprehend your loss mitigation alternatives. If you have sent a completed loss mitigation application, your bank or mortgage servicer must finish its review of your application before continuing with the foreclosure match.
  
  RPAPL § 1303 has actually been changed to need complainants in foreclosure actions to supply a more particular and practical notice to customers concerning their rights and commitments throughout the foreclosure process. Specifically, the notification needs to suggest that property owners deserve to stay in their homes up until a foreclosure sale occurs and the commitment to keep their residential or commercial property and pay suitable taxes until such time. This area is intended to assist prevent residential or commercial properties from ending up being vacant in the very first place. Read the specific language needed by RPAPL § 1303.
  
  RPAPL § 1304 requires mortgage lenders to give customers a minimum of ninety days’ notice before starting a foreclosure action. Currently, this Pre-Foreclosure Notice (” PFN”) need to include the following language: “Since ___, your mortgage is ___ days in default … You can treat this default by making the payment of ___ dollars by ___.” Unfortunately, customers often translated this provision to suggest that as long as the borrower offered the mentioned quantity by the date specified, the loan would be restored. Quite often, the “remedy date” specified in the PFN is the earliest date on which the creditor can begin a foreclosure action, which is 90 days after sending the PFN. When the customer waits a complete 90 days to offer the amount specified, any missed out on payments and associated interest and fees from the stepping in months would be contributed to the shortage. In such a case, the borrower who sends the amount set forth in the PFN would stay in default due to stepping in accruals, regardless of his or her good-faith efforts to deal with the default defined in the PFN.
  
  The brand-new law addresses this problem by changing the very first line of the notice to read “Since ____ your mortgage is ____ days and ___ dollars in default.” Similarly, it adds language to RPAPL § 1304 which highlights the customer’s continuous rights and obligations throughout the foreclosure process. Read the brand-new pre-foreclosure notification language.
  
  Once a Foreclosure Action Begins
  
  You deserve to get a copy of the legal papers in the foreclosure suit when it starts. This is called “service” of the Summons and Complaint. You must react to the Summons and Complaint with an “Answer” within 20 days after you have been personally served, and within 30 days if served on you by other means. The Answer is your chance to mention your defenses.
  
  You must seek advice from with a lawyer or housing counselor for help in this procedure.
  
  You have a commitment to appear at all scheduled court looks. If you stop working to appear, you risk losing essential rights, which might result in the loss of the case and your home.
  
  You have a right to demand court permission to continue without paying court expenses.
  
  At an Obligatory Settlement Conference
  
  You have a right to a description of the nature of the foreclosure action versus you.
  
  Both celebrations have a commitment to bring all required documents to the settlement conference. For a basic list of required files, check out the Mandatory Settlement Conference information page.
  
  Both celebrations need to negotiate in “good faith”, which means truthfully 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 fails to do so, the court may impose likewise considerable penalties. Negotiating in excellent faith does not need either party to settle.
  
  If you formerly failed 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 finalizing a settlement, the lis pendens designation on your residential or commercial property, which alerts individuals that title to your residential or commercial property is in dispute, must be raised.
  
  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 effects.
  
  After Judgment of Foreclosure and Sale
  
  Upon a judgment of foreclosure and sale, the brand-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 help from a legal company if you believe you are owed a surplus.
  
  If the home is cost 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 might have the right to contest the quantity of any shortage judgment, including interest and penalties.
  
  Get Help! Contact a Not-for-Profit Housing Counselor
  
  Housing therapists that manage foreclosure-related issues can give you advice on your choices and resources at little or no charge. They may also be able to work out with your lender for free and assist you find free legal services in your area.
  
  Housing counseling resources for New Yorkers consist of:
  
  - New york city’s Homeowner Protection Program (HOPP), which gets in touch with housing therapists 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 therapists by county here, on the DFS site.
• 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 authorized counseling representatives, servicers, and financiers that offer totally free help.
• If you reside in New york city City, you can also call 311.
  
  If you remain in a foreclosure lawsuit, you ought to seek advice from an attorney.
  
  Seek Legal Assistance
  
  Contact a legal representative 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 be able to refer you to a suitable lawyer for your circumstance.
  
  If you can not pay for a private attorney, resources for totally free or low-priced legal support include:
  
  - New york city’s Homeowner Protection Program (HOPP), which gets in touch with housing therapists 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 website. LawHelp.org, an online directory of totally free legal service suppliers in New York.