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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 Renter'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 offers guidance to house owners dealing with foreclosure in New York. A foreclosure is a suit, and house owners must look for help from a lawyer or housing therapist in checking out possible legal defenses to the suit. Homeowners ought to likewise understand their general rights and obligations highlighted listed below.
  
  Throughout the Foreclosure Process
  
  You can stay in your home and the duty to keep your residential or commercial property unless and until a court orders you to abandon. If you abandon your home, the plaintiff (bank or mortgage servicer) may be able to foreclose on your residential or commercial property through an expedited process in court. To avoid this result, remain in your home and carefully 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 might make it easier for the plaintiff to show 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 free of charge legal or housing therapy services.
  
  You have a right to be devoid of harassment or foreclosure frauds. Strongly think about talking to 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 previous 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 fit is filed notifying you that you remain in default and at risk of foreclosure. You can check out "loss mitigation" alternatives that may allow you to keep your home and prevent litigation. The bank or mortgage servicer is needed to assist you comprehend your loss mitigation choices. If you have actually sent a completed loss mitigation application, your bank or mortgage servicer must complete its review of your application before continuing with the foreclosure match.
  
  RPAPL § 1303 has been amended to require complainants in foreclosure actions to supply a more particular and useful notification to customers concerning their rights and commitments during the foreclosure procedure. Specifically, the notice should show that homeowners can stay in their homes until a foreclosure sale happens and the commitment to maintain their residential or commercial property and pay applicable taxes up until such time. This section is planned to assist avoid residential or commercial properties from becoming uninhabited in the very first place. Read the particular language required by RPAPL § 1303.
  
  RPAPL § 1304 needs mortgage lenders to give customers at least ninety days' notification before beginning a foreclosure action. Currently, this Pre-Foreclosure Notice (" PFN") must include the following language: "Since ___, your mortgage is ___ days in default ... You can treat this default by making the payment of ___ dollars by ___." Unfortunately, borrowers often translated this provision to indicate that as long as the borrower supplied the specified amount by the date specified, the loan would be renewed. Frequently, the "treatment date" defined in the PFN is the earliest date on which the financial institution can start a foreclosure action, which is 90 days after sending the PFN. When the customer waits a complete 90 days to supply the quantity defined, any missed out on payments and associated interest and fees from the intervening months would be contributed to the shortage. In such a case, the customer who sends the quantity stated in the PFN would remain in default due to stepping in accruals, in spite of his/her good-faith efforts to attend to the default defined in the PFN.
  
  The new this concern by amending the 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 procedure. Read the brand-new pre-foreclosure notice language.
  
  Once a Foreclosure Action Begins
  
  You have the right to get a copy of the legal documents in the foreclosure suit when it starts. This is called "service" of the Summons and Complaint. You need to react to the Summons and Complaint with an "Answer" within 20 days after you have actually been personally served, and within one month if served on you by other means. The Answer is your opportunity to state your defenses.
  
  You ought to seek advice from with a lawyer or housing therapist for assistance in this process.
  
  You have an obligation to appear at all arranged court looks. If you fail to appear, you risk losing important rights, which might lead to the loss of the case and your home.
  
  You have a right to demand court permission to proceed without paying court expenses.
  
  At a Mandatory Settlement Conference
  
  You have a right to an explanation of the nature of the foreclosure action versus you.
  
  Both parties 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 must work out in "great faith", which implies truthfully and relatively. If you fail to do so, you might lose the chance to pursue a court-supervised settlement. If the bank or mortgage servicer fails to do so, the court might impose likewise substantial charges. Negotiating in great faith does not need either celebration to settle.
  
  If you previously failed to send an Answer, you will be offered an extra 1 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 people that title to your residential or commercial property remains in disagreement, must be lifted.
  
  You might be responsible for extra taxes if you reach a settlement that includes debt 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 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 submit an application with the court for the surplus funds, subject to specific deadlines. It is essential to look for assistance from a legal service provider if you think you are owed a surplus.
  
  If the home is sold for less than what you owe, the lender may submit an application for a judgment against you for the distinction, referred to as a shortage judgment. You may have the right to contest the quantity of any shortage judgment, consisting of interest and penalties.
  
  Get Help! Contact a Not-for-Profit Housing Counselor
  
  Housing therapists that deal with foreclosure-related problems can give you recommendations on your options and resources at little or no charge. They may likewise have the ability to work out with your loan provider for free and help you find complimentary legal services in your area.
  
  Housing counseling resources for New Yorkers include:
  
  - 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 visit homeownerhelpny.com.
• You can find a list of authorized non-profit housing counselors by county here, on the DFS site.
• 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 representatives, servicers, and investors that provide free assistance.
• If you live in New York City, you can likewise call 311.
  
  If you are in a foreclosure lawsuit, you ought to seek advice from a lawyer.
  
  Seek Legal Assistance
  
  Contact a lawyer and review your mortgage files. Ensure your loan is not in offense of any laws. If you do not have an attorney, the New york city State Bar Association may have the ability to refer you to a suitable lawyer for your scenario.
  questionsanswered.net
  If you can not pay for a private lawyer, resources totally free or low-priced legal support include:
  
  - 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 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 complimentary legal company in New york city.