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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 guidance to property owners dealing with foreclosure in New york city. A foreclosure is a suit, and property owners should look for help from a lawyer or housing counselor in checking out possible legal defenses to the suit. Homeowners ought to also understand their general rights and responsibilities highlighted listed below.
  
  Throughout the Foreclosure Process
  
  You deserve to remain in your home and the responsibility to maintain your residential or commercial property unless and till a court orders you to vacate. If you abandon your home, the plaintiff (bank or mortgage servicer) might be able to foreclose on your residential or commercial property through an expedited procedure in court. To avoid this result, stay in your home and thoroughly review and react to files 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 plaintiff to reveal that your residential or commercial property is uninhabited and abandoned, which might put you at danger of an expedited foreclosure.
  
  You have a right to be represented by an attorney and may be qualified for totally free legal or housing therapy services.
  
  You have a right to be totally free from harassment or foreclosure scams. Strongly consider seeking advice from 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 avoid foreclosure if you repay your loan in full 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 at least 90 days before a foreclosure suit is filed informing you that you are in default and at threat of foreclosure. You deserve to check out "loss mitigation" choices that may allow you to keep your home and avoid lawsuits. The bank or mortgage servicer is needed to help you understand your loss mitigation options. If you have actually sent a completed loss mitigation application, your bank or mortgage servicer need to complete its review of your application before continuing with the foreclosure fit.
  
  RPAPL § 1303 has actually been modified to require complainants in foreclosure actions to offer a more particular and helpful notice to borrowers regarding their rights and commitments throughout the foreclosure procedure. Specifically, the notice must indicate that homeowners have the right to remain in their homes until a foreclosure sale happens and the responsibility to maintain their residential or commercial property and pay suitable taxes till such time. This section is planned to help prevent residential or commercial properties from becoming vacant in the first place. Read the particular language required by RPAPL § 1303.
  
  RPAPL § 1304 requires mortgage financial institutions to give customers at least ninety days' notification before starting 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 treat this default by making the payment of ___ dollars by ___." Unfortunately, customers frequently translated this provision to suggest that as long as the customer offered the stated quantity by the date defined, the loan would be renewed. Frequently, the "cure date" specified in the PFN is the earliest date on which the creditor can start a foreclosure action, which is 90 days after sending out the PFN. When the customer waits a complete 90 days to offer the amount defined, any missed payments and associated interest and costs from the stepping in months would be contributed to the deficiency. In such a case, the borrower who sends the quantity stated in the PFN would remain in default due to intervening accruals, regardless of his or her good-faith efforts to address the default specified in the PFN.
  
  The brand-new law addresses this problem by changing the first line of the notification to read "As of ____ your mortgage is ____ days and ___ dollars in default." Similarly, it includes language to RPAPL § 1304 which highlights the borrower's continuous rights and responsibilities throughout the foreclosure process. Read the new pre-foreclosure notification language.
  
  Once a Foreclosure Action Begins
  
  You can receive a copy of the legal documents in the foreclosure suit when it starts. This is referred to 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 thirty days if served on you by other methods. The Answer is your chance to state your defenses.
  
  You should seek advice from with an attorney or housing counselor for aid in this process.
  
  You have a commitment to appear at all arranged court looks. If you fail to appear, you risk losing important rights, which could lead to the loss of the case and your home.
  
  You have a right to request court consent to proceed 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 essential files to the settlement conference. For a basic list of required files, check out the Mandatory Settlement Conference details page.
  
  Both celebrations must negotiate in "good faith", which suggests honestly 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 fails to do so, the court might impose likewise substantial charges. Negotiating in great faith does not require either celebration to settle.
  
  If you formerly stopped working to submit a Response, you will be provided an additional one 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 designation on your residential or commercial property, which warns individuals that title to your residential or commercial property remains in conflict, must be lifted.
  
  You might be responsible for additional taxes if you reach a settlement that consists of debt forgiveness. Seek suggestions 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 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, based on particular deadlines. It is necessary to seek aid from a legal company if you think you are owed a surplus.
  remax.com
  If the home is offered for less than what you owe, the lender may submit an application for a judgment versus you for the difference, referred to as a shortage judgment. You may can contest the amount of any deficiency judgment, consisting of interest and penalties.
  
  Get Help! Contact a Not-for-Profit Housing Counselor
  
  Housing counselors that deal with foreclosure-related issues can provide you advice on your choices and resources at little or no charge. They might likewise be able to work out with your lender for totally free and help you find totally free legal services in your area.
  
  Housing therapy resources for New Yorkers consist of:
  
  - New york city's Homeowner Protection Program (HOPP), which gets in touch with housing counselors and legal services at no charge. Call the HOPP hotline at (855) 466-3456 or check out homeownerhelpny.com.
• You can discover a list of authorized non-profit housing counselors by county here, on the DFS website.
• 24-Hour support is readily available toll-free on the HOPE NOW at 888-995-HOPE (888-995-4673). HOPE NOW is an alliance of HUD approved counseling representatives, servicers, and financiers that offer totally free support.
• If you live in New york city City, you can also call 311.
  
  If you are in a foreclosure court case, you must seek advice from a lawyer.
  
  Seek Legal Assistance
  
  Contact a lawyer and evaluate your mortgage documents. Make sure 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 proper attorney for your situation.
  remax.com
  If you can not manage a personal lawyer, resources free of charge or low-priced legal help consist of:
  
  - New York'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 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 totally free legal service suppliers in New york city.