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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.
• 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 provides assistance to property owners dealing with foreclosure in New York. A foreclosure is a claim, and property owners must look for support from an attorney or housing therapist in exploring possible legal defenses to the match. Homeowners ought to also know their general rights and obligations highlighted listed below.
  
  Throughout the Foreclosure Process
  
  You have the right to stay in your home and the duty to maintain your residential or commercial property unless and till a court orders you to leave. If you desert your home, the complainant (bank or mortgage servicer) may have the ability to foreclose on your residential or commercial property through an expedited procedure in court. To avoid this outcome, remain in your home and carefully evaluation and react to documents you receive from the complainant or the court in your foreclosure case. A failure to respond or appear in court when required to do so might make it easier for the complainant to show that your residential or commercial property is uninhabited and abandoned, which could put you at threat of a sped up foreclosure.
  
  You have a right to be represented by an attorney and may be eligible totally free legal or housing therapy services.
  
  You have a right to be free from harassment or . Strongly think about seeking advice from an attorney or housing therapist, if available, before signing any documents. 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 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 match is submitted informing you that you remain in default and at danger of foreclosure. You have the right to check out "loss mitigation" alternatives that might permit you to keep your home and avoid litigation. The bank or mortgage servicer is needed to help you comprehend your loss mitigation options. If you have sent a completed loss mitigation application, your bank or mortgage servicer need to finish its evaluation of your application before continuing with the foreclosure suit.
  
  RPAPL § 1303 has been amended to require plaintiffs in foreclosure actions to offer a more specific and valuable notice to customers concerning their rights and commitments during the foreclosure procedure. Specifically, the notice needs to show that house owners can remain in their homes till a foreclosure sale takes place and the obligation to preserve their residential or commercial property and pay appropriate taxes till such time. This area is intended to help prevent residential or commercial properties from ending up being vacant in the first place. Read the particular language needed by RPAPL § 1303.
  
  RPAPL § 1304 requires mortgage lenders to offer customers a minimum of ninety days' notification before beginning a foreclosure action. Currently, this Pre-Foreclosure Notice (" PFN") need to consist of the following language: "Since ___, your mortgage is ___ days in default ... You can cure this default by making the payment of ___ dollars by ___." Unfortunately, customers typically analyzed this arrangement to indicate that as long as the debtor provided the stated quantity by the date specified, the loan would be restored. On a regular basis, the "cure date" defined in the PFN is the earliest date on which the creditor can start a foreclosure action, which is 90 days after sending the PFN. When the debtor waits a full 90 days to provide the quantity defined, any missed payments and associated interest and costs from the stepping in months would be added to the shortage. In such a case, the debtor who submits the quantity set forth in the PFN would stay in default due to stepping in accruals, despite his or her good-faith efforts to deal with the default defined in the PFN.
  
  The brand-new law addresses this issue by modifying the very first line of the notification to check out "Since ____ 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 brand-new pre-foreclosure notification language.
  
  Once a Foreclosure Action Begins
  
  You can get a copy of the legal documents in the foreclosure lawsuit when it starts. This is known as "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 ways. The Answer is your chance to specify your defenses.
  
  You must consult with a lawyer or housing therapist for assistance in this process.
  
  You have a commitment to appear at all scheduled court looks. If you stop working to appear, you risk losing crucial rights, which could 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 parties have a commitment to bring all required files to the settlement conference. For a basic list of needed documents, visit the Mandatory Settlement Conference info page.
  
  Both celebrations must negotiate in "good faith", which implies truthfully and fairly. If you stop working 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 might enforce likewise considerable penalties. Negotiating in excellent faith does not require either celebration to settle.
  
  If you formerly failed to submit a Response, you will be offered an additional 1 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 classification on your residential or commercial property, which cautions people that title to your residential or commercial property is in disagreement, need to be lifted.
  
  You might be accountable for extra taxes if you reach a settlement that includes debt forgiveness. Consult from a tax expert about any resulting tax repercussions.
  
  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 file an application with the court for the surplus funds, subject to specific due dates. It is very important to look for assistance from a legal provider if you believe you are owed a surplus.
  
  If the home is cost less than what you owe, the lender might submit an application for a judgment versus you for the distinction, called a deficiency judgment. You might 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 therapists that handle foreclosure-related issues can give you suggestions on your options and resources at little or no cost. They may likewise have the ability to work out with your loan provider totally free and assist you find totally free 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 counselors and legal services at no expense. 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 support is offered 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 financiers that provide complimentary help.
• If you reside in New York City, you can also call 311.
  
  If you are in a foreclosure lawsuit, you need to seek advice from an attorney.
  
  Seek Legal Assistance
  
  Contact a legal representative and evaluate your mortgage files. Make sure your loan is not in violation of any laws. If you do not have a lawyer, the New york city State Bar Association may be able to refer you to a suitable lawyer for your situation.
  
  If you can not afford a personal attorney, resources free of charge or affordable legal support include:
  
  - 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 see 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 of complimentary legal service companies in New york city.