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Help for Homeowners

- Foreclosure 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?
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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 guidance to property owners dealing with foreclosure in New york city. A foreclosure is a lawsuit, and property owners should seek help from an attorney or housing counselor in checking out possible legal defenses to the fit. Homeowners need to likewise understand their basic rights and commitments highlighted below.

Throughout the Foreclosure Process

You deserve to remain in your home and the task to keep your residential or commercial property unless and until a court orders you to vacate. If you desert your home, the plaintiff (bank or mortgage servicer) might have the ability to foreclose on your residential or commercial property through an expedited process in court. To prevent this result, remain in your home and carefully review and respond to documents you get from the plaintiff or the court in your foreclosure case. A failure to respond or appear in court when required to do so could make it easier for the complainant to show that your residential or commercial property is uninhabited and abandoned, which might put you at threat of a sped up foreclosure.

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

You have a right to be devoid of harassment or foreclosure rip-offs. Strongly consider talking to an attorney or housing therapist, if readily 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 prevent foreclosure if you repay your loan completely at any time prior to the sale of your home, or if you work out a settlement with the complainant.

Before a Foreclosure Action Begins in Court
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You have a right to be informed at least 90 days before a foreclosure suit is submitted notifying you that you remain in default and at danger of foreclosure. You deserve to check out "loss mitigation" options that might permit you to keep your home and prevent lawsuits. The bank or mortgage servicer is needed to help you understand your loss mitigation alternatives. If you have actually submitted a finished loss mitigation application, your bank or mortgage servicer need to finish its review of your application before proceeding with the foreclosure match.

RPAPL § 1303 has actually been amended to require complainants in foreclosure actions to offer a more particular and practical notice to borrowers concerning their rights and obligations throughout the foreclosure process. Specifically, the notice needs to show that homeowners can stay in their homes up until a foreclosure sale happens and the obligation to maintain their residential or commercial property and pay appropriate taxes till such time. This area is meant to help prevent residential or commercial properties from ending up being uninhabited in the first place. Read the specific language needed by RPAPL § 1303.

RPAPL § 1304 requires mortgage creditors to offer borrowers at least ninety days' notice before commencing a foreclosure action. Currently, this Pre-Foreclosure Notice (" PFN") must include the following language: "As of ___, your mortgage is ___ days in default ... You can treat this default by making the payment of ___ dollars by ___." Unfortunately, customers typically analyzed this arrangement to imply that as long as the borrower offered the stated amount by the date defined, the loan would be reinstated. Frequently, the "remedy date" defined in the PFN is the earliest date on which the lender can start a foreclosure action, which is 90 days after sending the PFN. When the customer waits a complete 90 days to offer the quantity specified, any missed out on payments and associated interest and fees from the intervening months would be included to the deficiency. 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 resolve the default specified in the PFN.

The brand-new law addresses this concern by amending 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 borrower's ongoing rights and duties throughout the foreclosure procedure. Read the brand-new pre-foreclosure notification language.

Once a Foreclosure Action Begins

You deserve to receive a copy of the legal documents in the foreclosure lawsuit when it begins. This is known as "service" of the Summons and Complaint. You must 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 ways. The Answer is your opportunity to mention your defenses.

You ought to consult with a lawyer or housing counselor for aid in this procedure.

You have an obligation to appear at all scheduled court looks. If you fail to appear, you run the risk of losing important rights, which could result in the loss of the case and your home.

You have a right to request court authorization to proceed without paying court costs.

At a Necessary 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 necessary documents to the settlement conference. For a general list of needed documents, check out the Mandatory Settlement Conference info page.

Both celebrations need to work out in "good faith", which suggests truthfully and fairly. If you fail to do so, you might lose the chance to pursue a court-supervised settlement. If the bank or mortgage servicer stops working to do so, the court might enforce likewise significant penalties. Negotiating in good faith does not need either party to settle.

If you formerly failed to submit a Response, you will be provided an extra one month 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 disagreement, should be lifted.

You might be accountable for extra taxes if you reach a settlement that consists of financial obligation forgiveness. Seek recommendations 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 certain deadlines. It is necessary 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 lending institution might submit an application for a judgment versus you for the distinction, known as a deficiency judgment. You might can object to the amount of any deficiency judgment, including interest and charges.

Get Help! Contact a Not-for-Profit Housing Counselor
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Housing counselors that handle foreclosure-related issues can offer you recommendations on your choices and resources at little or no charge. They may likewise be able to work out with your loan provider for free and help you discover complimentary legal services in your area.

Housing counseling resources for New Yorkers include:

- New york city's Homeowner Protection Program (HOPP), which gets in touch with housing counselors and legal services at no cost. Call the HOPP hotline at (855) 466-3456 or go to homeownerhelpny.com.
You can find a list of approved non-profit housing therapists by county here, on the DFS website.
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 approved counseling agents, servicers, and investors that offer free support.
If you reside in New York City, you can also call 311.

If you are in a foreclosure lawsuit, you should speak with a lawyer.

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 State Bar Association might have the ability to refer you to a suitable attorney for your circumstance.

If you can not pay for a personal lawyer, resources totally free or low-priced legal assistance consist of:

- New york city's Homeowner Protection Program (HOPP), which links with housing therapists and legal services at no cost. 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 website. LawHelp.org, an online directory site of free legal provider in New york city.