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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.
• Searching for Insurance.
• Managing and Mitigating Losses
  
  Residential Foreclosure Actions Consumer Bill of Rights
  
  This Residential Foreclosure Actions Consumer Bill of Rights offers assistance to property owners dealing with foreclosure in New York. A foreclosure is a claim, and house owners need to look for support from a lawyer or housing counselor in exploring potential legal defenses to the fit. Homeowners ought to also know their general rights and responsibilities highlighted listed below.
  
  Throughout the Foreclosure Process
  
  You deserve to remain in your home and the task to preserve your residential or commercial property unless and till a court orders you to abandon. If you abandon your home, the complainant (bank or mortgage servicer) may be able to foreclose on your residential or commercial property through an expedited procedure in court. To prevent this outcome, remain in your home and carefully evaluation and react to documents you get from the complainant or the court in your foreclosure case. A failure to respond or appear in court when needed to do so could make it much easier for the complainant to show 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 free of charge legal or housing counseling services.
  
  You have a right to be devoid of harassment or foreclosure scams. Strongly think about speaking with a lawyer or housing counselor, if available, before signing any papers. 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 negotiate a settlement with the complainant.
  
  Before a Foreclosure Action Begins in Court
  
  You have a right to be alerted at least 90 days before a foreclosure suit is filed informing you that you are in default and at threat of foreclosure. You can check out "loss mitigation" choices that may allow you to keep your home and avoid lawsuits. The bank or mortgage servicer is needed to assist you understand your loss mitigation choices. If you have submitted a finished loss mitigation application, your bank or mortgage servicer must complete its evaluation of your application before proceeding with the foreclosure suit.
  
  RPAPL § 1303 has actually been changed to need complainants in foreclosure actions to provide a more particular and practical notice to borrowers regarding their rights and commitments during the foreclosure procedure. Specifically, the notification needs to suggest that property owners can stay in their homes till a foreclosure sale takes place and the responsibility to preserve their residential or commercial property and pay relevant taxes till such time. This section is intended to assist prevent residential or commercial properties from ending up being vacant in the very first location. Read the specific language needed by RPAPL § 1303.
  
  RPAPL § 1304 requires mortgage creditors to give borrowers at least ninety days' notice before starting a foreclosure action. Currently, this Pre-Foreclosure Notice (" PFN") should include the following language: "Since ___, your mortgage is ___ days in default ... You can cure this default by making the payment of ___ dollars by ___." Unfortunately, customers frequently interpreted this provision to mean that as long as the debtor supplied the mentioned quantity by the date specified, the loan would be reinstated. On a regular basis, the "remedy date" specified in the PFN is the earliest date on which the lender can begin a foreclosure action, which is 90 days after sending out the PFN. When the customer waits a complete 90 days to offer the amount specified, any missed out on payments and associated interest and charges from the intervening months would be contributed to the shortage. In such a case, the customer who submits the amount stated in the PFN would remain in default due to stepping in accruals, in spite of his/her good-faith efforts to address the default defined in the PFN.
  
  The new law addresses this issue by changing the first line of the notification to check out "As of ____ your mortgage is ____ days and ___ dollars in default." Similarly, it adds language to RPAPL § 1304 which highlights the borrower's ongoing rights and duties throughout the foreclosure procedure. Read the new pre-foreclosure notice language.
  
  Once a Foreclosure Action Begins
  
  You have the right to receive a copy of the legal papers in the foreclosure suit when it begins. This is understood as "service" of the Summons and Complaint. You need to respond 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 means. The Answer is your chance to state your defenses.
  
  You must seek advice from an attorney or housing therapist for assistance in this process.
  
  You have a responsibility to appear at all set up court looks. If you fail to appear, you risk losing crucial rights, which might result in the loss of the case and your home.
  
  You have a right to request court permission to proceed without paying court costs.
  
  At a Compulsory Settlement Conference
  
  You have a right to an explanation of the nature of the foreclosure action against you.
  
  Both parties have a commitment to bring all required files to the settlement conference. For a general list of required files, check out the Mandatory Settlement Conference information page.
  
  Both celebrations need to work out in "good faith", which indicates truthfully and fairly. If you fail to do so, you may lose the opportunity to pursue a court-supervised settlement. If the bank or mortgage servicer fails to do so, the court might enforce likewise substantial penalties. Negotiating in excellent faith does not require either party to settle.
  
  If you formerly stopped working to submit a Response, you will be provided an extra thirty days 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 designation on your residential or commercial property, which warns people that title to your residential or commercial property is in disagreement, should be lifted.
  
  You might be accountable for extra taxes if you reach a settlement that consists of financial obligation forgiveness. Seek suggestions from a tax expert about any resulting tax effects.
  
  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 due dates. It is essential to seek help from a legal service provider if you believe you are owed a surplus.
  
  If the home is cost less than what you owe, the loan provider might file an application for a judgment against you for the difference, known as a shortage judgment. You may have the right to object to the quantity of any deficiency judgment, consisting of interest and charges.
  
  Get Help! Contact a Counselor
  
  Housing counselors that handle foreclosure-related problems can provide you advice on your choices and resources at little or no cost. They might also be able to negotiate with your loan provider for free and assist you find totally free legal services in your area.
  
  Housing therapy resources for New Yorkers include:
  
  - New york city's Homeowner Protection Program (HOPP), which gets in touch with housing therapists and legal services at no cost. Call the HOPP hotline at (855) 466-3456 or check out homeownerhelpny.com.
• You can find a list of approved non-profit housing therapists by county here, on the DFS site.
• 24-Hour assistance 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 financiers that provide totally free assistance.
• If you live in New york city City, you can likewise call 311.
  
  If you remain in a foreclosure lawsuit, you ought to seek advice from an attorney.
  
  Seek Legal Assistance
  
  Contact an attorney and evaluate your mortgage documents. Make sure your loan is not in violation of any laws. If you do not have an attorney, the New york city State Bar Association might have the ability to refer you to a suitable lawyer for your situation.
  
  If you can not pay for a personal lawyer, resources totally free or affordable legal assistance include:
  
  - New york city's Homeowner Protection Program (HOPP), which connects 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 free legal provider in New york city.