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Help for Homeowners
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- 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

- An Occupant'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.
Looking for Insurance.
Managing and Mitigating Losses

Residential Foreclosure Actions Consumer Bill of Rights

This Residential Foreclosure Actions Consumer Bill of Rights supplies assistance to property owners facing foreclosure in New york city. A foreclosure is a lawsuit, and homeowners must look for help from a lawyer or housing therapist in exploring potential legal defenses to the match. Homeowners must likewise know their general rights and obligations highlighted below.

Throughout the Foreclosure Process

You have the right to remain in your home and the responsibility to preserve your residential or commercial property unless and till a court orders you to leave. 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 process 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 react 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 deserted, which could put you at danger of an accelerated foreclosure.

You have a right to be represented by a lawyer and may be qualified totally free legal or housing therapy services.

You have a right to be totally free from harassment or foreclosure rip-offs. Strongly think about talking to a lawyer or housing counselor, 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 avoid foreclosure if you repay your loan in complete at any time previous 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 notified at least 90 days before a foreclosure fit is filed informing you that you are in default and at threat of foreclosure. You deserve to explore "loss mitigation" choices that may enable you to keep your home and prevent litigation. The bank or mortgage servicer is needed to assist you comprehend your loss mitigation options. If you have submitted a completed 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 been amended to need plaintiffs in foreclosure actions to offer a more specific and handy notification to customers concerning their rights and obligations during the foreclosure procedure. Specifically, the notification must suggest that house owners have the right to remain in their homes till a foreclosure sale happens and the commitment to keep their residential or commercial property and pay applicable taxes up until such time. This area is meant to assist avoid residential or commercial properties from becoming uninhabited in the first location. Read the particular language required by RPAPL § 1303.

RPAPL § 1304 needs institutions to offer debtors at least ninety days' notification before beginning a foreclosure action. Currently, this Pre-Foreclosure Notice (" PFN") must include the following language: "Since ___, your mortgage is ___ days in default ... You can cure this default by making the payment of ___ dollars by ___." Unfortunately, debtors frequently translated this provision to indicate that as long as the customer offered the specified amount by the date specified, the loan would be renewed. Quite frequently, the "cure 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 debtor waits a full 90 days to provide the quantity specified, any missed payments and associated interest and fees from the stepping in months would be contributed to the shortage. In such a case, the debtor who sends the quantity stated in the PFN would remain in default due to intervening accruals, in spite of his or her good-faith efforts to resolve the default defined in the PFN.

The brand-new law addresses this issue by modifying the 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 duties throughout the foreclosure process. Read the brand-new pre-foreclosure notification language.

Once a Foreclosure Action Begins

You have the right to get a copy of the legal papers in the foreclosure suit when it begins. This is referred to 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 means. The Answer is your opportunity to specify your defenses.

You need to talk to a lawyer or housing counselor for help in this process.

You have an obligation to appear at all set up court appearances. If you stop working to appear, you risk losing important rights, which might lead to the loss of the case and your home.

You have a right to request court approval to continue without paying court expenses.

At a Compulsory Settlement Conference

You have a right to an explanation of the nature of the foreclosure action against you.

Both celebrations have an obligation to bring all needed documents to the settlement conference. For a basic list of required files, check out the Mandatory Settlement Conference information page.

Both parties need to negotiate in "great faith", which means truthfully and fairly. If you stop working 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 enforce similarly substantial charges. Negotiating in great faith does not need either party to settle.

If you formerly stopped working to send a Response, you will be given an additional 1 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 cautions people that title to your residential or commercial property remains in conflict, need to be lifted.

You may be responsible for additional taxes if you reach a settlement that includes financial obligation forgiveness. Seek guidance 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 aid from a legal company if you think you are owed a surplus.

If the home is cost less than what you owe, the lending institution may file an application for a judgment against you for the difference, called a deficiency judgment. You may can contest the amount of any shortage judgment, including interest and penalties.

Get Help! Contact a Not-for-Profit Housing Counselor

Housing therapists that manage foreclosure-related problems can offer you guidance on your choices and resources at little or no expense. They may likewise have the ability to negotiate with your lending institution for complimentary and help you discover free legal services in your area.

Housing therapy resources for New Yorkers include:

- New york city's Homeowner Protection Program (HOPP), which connects with housing therapists and legal services at no cost. 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 website.
24-Hour assistance 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 supply free help.
If you live in New York City, you can also call 311.

If you are in a foreclosure court case, you ought to consult an attorney.

Seek Legal Assistance

Contact a lawyer and review your mortgage files. Make sure your loan is not in infraction of any laws. If you do not have a lawyer, the New York State Bar Association may be able to refer you to a proper lawyer for your situation.
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If you can not pay for a private attorney, resources free of charge or affordable legal support consist of:

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