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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
  
  - 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.
• Looking for Insurance.
• Managing and Mitigating Losses
  
  Residential Foreclosure Actions Consumer Bill of Rights
  
  This Residential Foreclosure Actions Consumer Bill of Rights offers assistance to property owners facing foreclosure in New york city. A foreclosure is a lawsuit, and property owners need to look for assistance from a lawyer or housing therapist in exploring prospective legal defenses to the suit. Homeowners need to also know their basic rights and obligations highlighted listed below.
  
  Throughout the Foreclosure Process
  
  You can remain in your home and the task 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) might be able to foreclose on your residential or commercial property through an expedited process in court. To avoid this outcome, remain in your home and thoroughly review and react to documents you receive from the plaintiff or the court in your foreclosure case. A failure to react or appear in court when needed to do so might make it simpler for the plaintiff to reveal that your residential or commercial property is vacant and deserted, which could put you at threat of an accelerated foreclosure.
  
  You have a right to be represented by a lawyer and may be eligible free of charge legal or housing counseling services.
  
  You have a right to be free from harassment or foreclosure rip-offs. Strongly consider speaking with an attorney or housing counselor, if 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 plaintiff.
  
  Before a Foreclosure Action Begins in Court
  
  You have a right to be informed a minimum of 90 days before a foreclosure suit is filed informing you that you are in default and at danger of foreclosure. You can check out "loss mitigation" options that may enable you to keep your home and avoid lawsuits. The bank or mortgage servicer is required to assist you comprehend your loss mitigation choices. If you have sent a finished loss mitigation application, your bank or mortgage servicer must finish its review of your application before proceeding with the foreclosure match.
  
  RPAPL § 1303 has actually been amended to need plaintiffs in foreclosure actions to supply a more particular and useful notification to customers regarding their rights and obligations throughout the foreclosure procedure. Specifically, the notification needs to indicate that house owners have the right to remain in their homes until a foreclosure sale takes place and the obligation to keep their residential or commercial property and pay suitable taxes until such time. This section is intended to assist avoid residential or commercial properties from becoming vacant in the first location. Read the particular language needed by RPAPL § 1303.
  
  RPAPL § 1304 requires mortgage financial institutions to give borrowers at least ninety days' notification before commencing 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, customers frequently interpreted this provision to suggest that as long as the borrower provided the mentioned amount by the date specified, the loan would be renewed. Frequently, the "cure date" defined 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 customer 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 added to the shortage. In such a case, the borrower who sends the quantity set forth in the PFN would stay in default due to stepping in accruals, despite his/her good-faith efforts to attend to the default specified in the PFN.
  
  The brand-new law addresses this concern by changing the very 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 duties throughout the foreclosure process. Read the new pre-foreclosure notice language.
  
  Once a Foreclosure Action Begins
  
  You deserve to receive a copy of the legal papers in the foreclosure claim when it begins. This is called "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 ways. The Answer is your opportunity to mention your defenses.
  
  You need to talk to a lawyer or housing therapist 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 could lead to the loss of the case and your home.
  
  You have a right to request court approval to proceed without paying court costs.
  
  At an Obligatory 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 general list of needed files, check out the Mandatory Settlement Conference info page.
  
  Both parties must negotiate in "excellent faith", which indicates truthfully and relatively. If you stop working to do so, you might lose the opportunity to pursue a court-supervised settlement. If the bank or fails to do so, the court may impose likewise considerable penalties. Negotiating in good faith does not need either party to settle.
  
  If you formerly stopped working to send a Response, you will be given 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 individuals that title to your residential or commercial property is in disagreement, must be raised.
  
  You might be accountable for extra taxes if you reach a settlement that includes debt forgiveness. Consult from a tax professional about any resulting tax repercussions.
  
  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 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 believe you are owed a surplus.
  
  If the home is cost less than what you owe, the loan provider might file an application for a judgment against you for the distinction, known as a deficiency judgment. You might can object to the amount of any shortage judgment, consisting of interest and penalties.
  
  Get Help! Contact a Not-for-Profit Housing Counselor
  
  Housing counselors that manage foreclosure-related concerns can give you suggestions on your options and resources at little or no charge. They might likewise be able to negotiate with your lending institution free of charge and assist you find 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 therapists and legal services at no expense. Call the HOPP hotline at (855) 466-3456 or see homeownerhelpny.com.
• You can find a list of authorized non-profit housing therapists 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 agents, servicers, and investors that provide free help.
• If you reside in New york city City, you can also call 311.
  
  If you are in a foreclosure lawsuit, you should seek advice from an attorney.
  
  Seek Legal Assistance
  
  Contact a lawyer and examine your mortgage files. Make sure your loan is not in offense of any laws. If you do not have a lawyer, the New York State Bar Association might be able to refer you to an appropriate lawyer for your situation.
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  If you can not pay for a private lawyer, resources for totally free or affordable legal support consist of:
  
  - New york city'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 visit 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 of free legal provider in New York.