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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.
• 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 city. A foreclosure is a claim, and homeowners must look for support from a lawyer or housing therapist in exploring potential legal defenses to the match. Homeowners need to likewise know their basic rights and commitments highlighted below.
  
  Throughout the Foreclosure Process
  
  You have the right to remain in your home and the task to preserve your residential or commercial property unless and until a court orders you to abandon. If you desert your home, the complainant (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 respond or appear in court when needed to do so could make it much easier for the complainant to reveal that your residential or commercial property is vacant and abandoned, which could put you at danger of a sped up foreclosure.
  
  You have a right to be represented by an attorney and might be eligible for totally free legal or housing counseling services.
  
  You have a right to be free from harassment or foreclosure frauds. Strongly consider speaking with an attorney or housing counselor, if readily 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 full 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
  
  You have a right to be informed at least 90 days before a foreclosure match is submitted notifying you that you remain in default and at risk of foreclosure. You deserve to check out “loss mitigation” choices that might permit you to keep your home and avoid litigation. The bank or mortgage servicer is needed to assist you understand your loss mitigation choices. If you have actually submitted a finished loss mitigation application, your bank or mortgage servicer should complete its evaluation of your application before continuing with the foreclosure fit.
  
  RPAPL § 1303 has actually been changed to need plaintiffs in foreclosure actions to offer a more specific and useful notification to customers regarding their rights and commitments throughout the foreclosure procedure. Specifically, the notice must show that property owners have the right to stay in their homes till a foreclosure sale takes place and the responsibility to keep their residential or commercial property and pay appropriate taxes until such time. This area is intended to help avoid residential or commercial properties from ending up being uninhabited in the very first place. Read the specific language required by RPAPL § 1303.
  
  RPAPL § 1304 requires mortgage lenders to give customers at least ninety days’ notice before beginning a foreclosure action. Currently, this Pre-Foreclosure Notice (” PFN”) need to consist of the following language: “As of ___, your mortgage is ___ days in default … You can cure this default by making the payment of ___ dollars by ___.” Unfortunately, debtors often translated this provision to indicate that as long as the customer supplied the stated amount by the date specified, the loan would be renewed. Frequently, the “treatment date” specified in the PFN is the earliest date on which the creditor can begin a foreclosure action, which is 90 days after sending out the PFN. When the borrower waits a complete 90 days to provide the quantity specified, any missed out on payments and associated interest and fees from the stepping in months would be contributed to the deficiency. In such a case, the customer who sends the amount set forth in the PFN would stay in default due to intervening accruals, in spite of his or her good-faith efforts to address the default specified in the PFN.
  
  The new law addresses this issue by changing the very 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 process. Read the brand-new pre-foreclosure notification language.
  
  Once a Foreclosure Action Begins
  
  You can receive a copy of the legal documents in the foreclosure lawsuit when it starts. This is understood 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 opportunity to mention your defenses.
  
  You must consult with an attorney or for aid in this procedure.
  
  You have an obligation to appear at all set up court appearances. If you stop working to appear, you risk losing essential rights, which might lead to the loss of the case and your home.
  
  You have a right to request court consent 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 an obligation to bring all essential documents to the settlement conference. For a general list of needed files, check out the Mandatory Settlement Conference information page.
  
  Both celebrations should work out in “good faith”, which indicates honestly 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 stops working to do so, the court might impose similarly substantial charges. Negotiating in good faith does not require either celebration to settle.
  
  If you formerly 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 completing a settlement, the lis pendens classification on your residential or commercial property, which alerts people that title to your residential or commercial property remains in dispute, should be raised.
  
  You may be accountable for extra taxes if you reach a settlement that includes financial obligation forgiveness. Seek guidance 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 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, based on specific due dates. It is necessary to seek help from a legal service provider if you think you are owed a surplus.
  
  If the home is cost less than what you owe, the lender might file 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, consisting of interest and charges.
  
  Get Help! Contact a Not-for-Profit Housing Counselor
  
  Housing counselors that manage foreclosure-related issues can give you suggestions on your options and resources at little or no charge. They might also be able to work out with your loan provider totally free and assist you discover free legal services in your location.
  
  Housing therapy resources for New Yorkers consist of:
  
  - New York’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 visit homeownerhelpny.com.
• You can discover 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 authorized counseling representatives, servicers, and financiers that offer free support.
• If you live in New York City, you can likewise call 311.
  
  If you are in a foreclosure lawsuit, you should consult a lawyer.
  
  Seek Legal Assistance
  
  Contact a lawyer and review your mortgage files. 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 might have the ability to refer you to a proper lawyer for your circumstance.
  wikipedia.org
  If you can not pay for a private lawyer, resources free of charge or inexpensive legal assistance include:
  
  - New York’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 go to homeownerhelpny.com.
• The New York State Bar Association’s Lawyer Referral and Information Service.
• The Legal Service Corporation site. LawHelp.org, an online directory of complimentary legal company in New York.