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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?
Problems Obtaining Insurance.
Flood Insurance.
Understanding What Affects the Cost.
Shopping for Insurance.
Managing and Mitigating Losses

Residential Foreclosure Actions Consumer Bill of Rights

This Residential Foreclosure Actions Consumer Bill of Rights supplies guidance to with foreclosure in New York. A foreclosure is a claim, and homeowners should seek help from an attorney or housing counselor in checking out potential legal defenses to the suit. 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 keep 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) might be able to foreclose on your residential or commercial property through an expedited process in court. To prevent this result, remain in your home and thoroughly evaluation 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 needed to do so might make it simpler 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 a lawyer and may be eligible for complimentary legal or housing counseling services.

You have a right to be free from harassment or foreclosure scams. Strongly think about 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 avoid foreclosure if you repay your loan in complete at any time prior 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 notified a minimum of 90 days before a foreclosure match is submitted notifying you that you are in default and at risk of foreclosure. You deserve to check out "loss mitigation" choices that might enable you to keep your home and prevent lawsuits. The bank or mortgage servicer is required to assist you comprehend your loss mitigation alternatives. If you have sent a finished loss mitigation application, your bank or mortgage servicer must finish its evaluation of your application before proceeding with the foreclosure match.

RPAPL § 1303 has actually been amended to need complainants in foreclosure actions to supply a more particular and helpful notification to borrowers concerning their rights and obligations during the foreclosure procedure. Specifically, the notification must indicate that property 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 appropriate taxes up until such time. This area is planned to help prevent residential or commercial properties from ending up being vacant in the very first location. Read the particular language required by RPAPL § 1303.

RPAPL § 1304 requires mortgage financial institutions to offer borrowers a minimum of 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 treat this default by making the payment of ___ dollars by ___." Unfortunately, debtors often analyzed this provision to suggest that as long as the customer supplied the mentioned quantity by the date specified, the loan would be reinstated. Frequently, the "cure date" defined in the PFN is the earliest date on which the lender can start 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 intervening months would be added to the deficiency. In such a case, the debtor who sends the amount stated in the PFN would remain in default due to stepping in accruals, despite his or her good-faith efforts to deal with the default specified in the PFN.

The brand-new law addresses this concern by amending 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 obligations 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 papers in the foreclosure claim when it starts. This is known as "service" of the Summons and Complaint. You should react to the Summons and Complaint with an "Answer" within 20 days after you have actually been personally served, and within 30 days if served on you by other means. The Answer is your opportunity to state your defenses.

You must talk to an attorney or housing therapist for aid in this process.

You have a commitment to appear at all arranged court looks. If you fail to appear, you risk losing essential rights, which might result in the loss of the case and your home.

You have a right to demand court consent to proceed without paying court costs.

At a Compulsory Settlement Conference

You have a right to a description of the nature of the foreclosure action versus you.

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

Both celebrations need to work out in "excellent faith", which suggests truthfully and relatively. If you stop working 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 enforce similarly substantial penalties. Negotiating in great faith does not need either celebration to settle.

If you previously stopped working to send a Response, you will be given 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 cautions people that title to your residential or commercial property is in conflict, should be lifted.

You may be responsible for extra taxes if you reach a settlement that consists of debt forgiveness. Seek recommendations from a tax expert about any resulting tax consequences.

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, based on particular deadlines. It is important to look for help from a legal company if you believe you are owed a surplus.

If the home is cost less than what you owe, the loan provider may submit an application for a judgment against you for the distinction, understood as a shortage judgment. You may can object to the quantity of any deficiency judgment, consisting of interest and penalties.

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

Housing counselors that manage foreclosure-related problems can offer you recommendations on your options and resources at little or no charge. They may likewise be able to work out with your lending institution totally free and help you find free legal services in your location.

Housing therapy resources for New Yorkers include:

- New york city's Homeowner Protection Program (HOPP), which connects 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 authorized non-profit housing counselors by county here, on the DFS site.
24-Hour support 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 representatives, servicers, and investors that offer complimentary assistance.
If you live in New york city City, you can likewise call 311.

If you remain in a foreclosure lawsuit, you need to seek advice from a lawyer.

Seek Legal Assistance

Contact an attorney and review your mortgage files. Make certain your loan is not in infraction of any laws. If you do not have a lawyer, the New York State Bar Association might have the ability to refer you to an appropriate lawyer for your scenario.
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If you can not afford a personal attorney, resources for free or low-priced legal assistance include:

- New York'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 visit 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 complimentary legal company in New York.