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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.
• 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 homeowners dealing with foreclosure in New York. A foreclosure is a suit, and homeowners need to seek assistance from an attorney or housing counselor in exploring prospective legal defenses to the fit. Homeowners should also know their general rights and obligations highlighted listed below.
  
  Throughout the Foreclosure Process
  
  You can remain in your home and the duty 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 procedure in court. To avoid this outcome, stay 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 much easier for the plaintiff to show that your residential or commercial property is vacant and abandoned, which could put you at threat of a sped up foreclosure.
  
  You have a right to be represented by an attorney and might be qualified for free legal or housing counseling services.
  
  You have a right to be devoid of harassment or foreclosure frauds. Strongly think about consulting with an attorney or housing therapist, 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 informed a minimum of 90 days before a foreclosure match is submitted notifying you that you are in default and at danger of foreclosure. You deserve to explore "loss mitigation" alternatives that may permit you to keep your home and avoid litigation. The bank or mortgage servicer is required to help you understand your loss mitigation choices. If you have submitted a finished loss mitigation application, your bank or mortgage servicer should complete its evaluation of your application before proceeding with the foreclosure suit.
  
  RPAPL § 1303 has actually been changed to need plaintiffs in foreclosure actions to offer a more specific and useful notification to debtors regarding their rights and responsibilities during the foreclosure process. Specifically, the notification should indicate that house owners have the right to remain in their homes till a foreclosure sale takes place and the commitment to preserve their residential or commercial property and pay applicable taxes until such time. This section is meant to assist prevent residential or commercial properties from becoming vacant in the very first place. Read the specific language needed by RPAPL § 1303.
  
  RPAPL § 1304 requires mortgage financial institutions to give debtors 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, borrowers frequently analyzed this arrangement to indicate that as long as the debtor provided the mentioned amount by the date specified, the loan would be renewed. Quite typically, the "treatment date" specified in the PFN is the earliest date on which the lender can begin a foreclosure action, which is 90 days after sending the PFN. When the customer waits a full 90 days to provide the amount defined, any missed out on payments and associated interest and fees from the intervening months would be contributed to the shortage. In such a case, the borrower who submits the quantity set forth 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 new law addresses this concern by modifying the first line of the notification to check out "Since ____ your mortgage is ____ days and ___ dollars in default." Similarly, it includes language to RPAPL § 1304 which highlights the debtor's ongoing rights and obligations throughout the foreclosure procedure. Read the new pre-foreclosure notification language.
  
  Once a Foreclosure Action Begins
  
  You deserve to receive a copy of the legal documents in the foreclosure lawsuit when it begins. This is called "service" of the Summons and Complaint. You need to respond 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 chance to specify your defenses.
  
  You need to talk to a lawyer or housing therapist for help in this procedure.
  
  You have a responsibility to appear at all looks. If you fail to appear, you run the risk of 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 Mandatory Settlement Conference
  
  You have a right to an explanation of the nature of the foreclosure action against you.
  
  Both celebrations have a responsibility to bring all required files to the settlement conference. For a general list of required documents, visit the Mandatory Settlement Conference details page.
  
  Both parties must negotiate in "great faith", which indicates honestly and relatively. If you fail to do so, you may lose the opportunity to pursue a court-supervised settlement. If the bank or mortgage servicer fails to do so, the court might enforce likewise substantial penalties. Negotiating in good faith does not require either celebration to settle.
  
  If you previously failed to submit 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 cautions individuals that title to your residential or commercial property is in conflict, need to be raised.
  
  You might be responsible for extra taxes if you reach a settlement that includes financial obligation forgiveness. Seek guidance from a tax professional 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 certain 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 loan provider may submit an application for a judgment versus you for the difference, referred to as a shortage judgment. You may have the right to contest the quantity of any shortage judgment, consisting of interest and penalties.
  
  Get Help! Contact a Not-for-Profit Housing Counselor
  
  Housing counselors that handle foreclosure-related problems can provide you guidance on your alternatives and resources at little or no cost. They might likewise be able to negotiate with your loan provider free of charge and help you find complimentary legal services in your location.
  
  Housing therapy resources for New Yorkers 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.
• You can discover a list of approved non-profit housing counselors by county here, on the DFS website.
• 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 agents, servicers, and investors that provide free help.
• If you live in New york city City, you can likewise call 311.
  
  If you remain in a foreclosure court case, you should seek advice from a lawyer.
  
  Seek Legal Assistance
  
  Contact a lawyer and review your mortgage files. Make certain your loan is not in offense of any laws. If you do not have a lawyer, the New york city State Bar Association might have the ability to refer you to a proper lawyer for your circumstance.
  expedia.com
  If you can not pay for a private attorney, resources totally free or low-priced legal assistance include:
  
  - New york city's Homeowner Protection Program (HOPP), which links 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 free legal service providers in New york city.