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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 .
• 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 provides assistance to house owners dealing with foreclosure in New york city. A foreclosure is a lawsuit, and property owners must look for help from an attorney or housing therapist in exploring possible legal defenses to the match. Homeowners should also understand their basic rights and obligations highlighted listed below.
  
  Throughout the Foreclosure Process
  
  You can remain in your home and the task to keep your residential or commercial property unless and till a court orders you to leave. If you desert your home, the plaintiff (bank or mortgage servicer) may 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 carefully review 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 easier for the plaintiff to show that your residential or commercial property is uninhabited and abandoned, which could put you at threat of a sped up foreclosure.
  
  You have a right to be represented by an attorney and may be eligible for free legal or housing counseling services.
  
  You have a right to be devoid of harassment or foreclosure scams. Strongly think about seeking advice from with an attorney or housing counselor, if offered, 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 completely 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 alerted a minimum of 90 days before a foreclosure fit is submitted informing you that you are in default and at threat of foreclosure. You can check out "loss mitigation" options that may permit 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 actually sent a completed loss mitigation application, your bank or mortgage servicer must complete its review of your application before proceeding with the foreclosure suit.
  
  RPAPL § 1303 has been amended to require plaintiffs in foreclosure actions to provide a more particular and practical notification to borrowers concerning their rights and commitments throughout the foreclosure process. Specifically, the notice should show that house owners can remain in their homes till a foreclosure sale takes place and the responsibility to maintain their residential or commercial property and pay relevant taxes up until such time. This area is intended to help prevent residential or commercial properties from ending up being vacant in the very first location. Read the specific language required by RPAPL § 1303.
  
  RPAPL § 1304 needs mortgage creditors to provide debtors a minimum of ninety days' notification before beginning a foreclosure action. Currently, this Pre-Foreclosure Notice (" PFN") should include the following language: "Since ___, your mortgage is ___ days in default ... You can cure this default by making the payment of ___ dollars by ___." Unfortunately, customers typically interpreted this arrangement to suggest that as long as the customer offered the stated quantity by the date defined, the loan would be restored. On a regular basis, the "treatment 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 offer the quantity specified, any missed payments and associated interest and fees from the intervening months would be contributed to the deficiency. In such a case, the debtor who submits the amount set forth in the PFN would remain in default due to intervening accruals, regardless of his/her good-faith efforts to address the default specified in the PFN.
  
  The new law addresses this problem by modifying the very first line of the notice to read "As of ____ your mortgage is ____ days and ___ dollars in default." Similarly, it adds language to RPAPL § 1304 which highlights the debtor's ongoing rights and responsibilities throughout the foreclosure process. 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 suit when it begins. This is referred to 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 thirty days if served on you by other ways. The Answer is your opportunity to specify your defenses.
  
  You ought to talk to a lawyer or housing therapist for aid in this procedure.
  
  You have an obligation to appear at all set up court looks. If you fail to appear, you risk losing important rights, which could lead to the loss of the case and your home.
  
  You have a right to demand court permission to proceed without paying court expenses.
  
  At a Necessary Settlement Conference
  
  You have a right to a description of the nature of the foreclosure action versus you.
  
  Both parties have a commitment to bring all needed files to the settlement conference. For a general list of required files, visit the Mandatory Settlement Conference info page.
  
  Both parties need to work out in "good faith", which indicates truthfully and fairly. If you fail to do so, you might lose the chance to pursue a court-supervised settlement. If the bank or mortgage servicer stops working to do so, the court might impose similarly considerable charges. Negotiating in excellent faith does not need either party to settle.
  
  If you previously stopped working to send a Response, you will be provided an extra thirty days 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 classification on your residential or commercial property, which warns individuals that title to your residential or commercial property is in conflict, need to be lifted.
  
  You might be responsible for extra taxes if you reach a settlement that consists of financial obligation forgiveness. Consult 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 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 file an application with the court for the surplus funds, subject to certain deadlines. It is necessary to seek aid from a legal provider if you think you are owed a surplus.
  
  If the home is cost less than what you owe, the lending institution might file an application for a judgment versus you for the distinction, referred to as a deficiency judgment. You might deserve to contest the quantity of any deficiency judgment, including interest and charges.
  
  Get Help! Contact a Not-for-Profit Housing Counselor
  
  Housing counselors that deal with foreclosure-related concerns can give you advice on your alternatives and resources at little or no charge. They might also have the ability to work out with your lender totally free and assist you discover totally free legal services in your location.
  
  Housing therapy resources for New Yorkers include:
  
  - New York'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 go to homeownerhelpny.com.
• You can find a list of approved non-profit housing therapists by county here, on the DFS site.
• 24-Hour support is readily 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 complimentary assistance.
• If you reside in New York City, you can also call 311.
  
  If you are in a foreclosure lawsuit, you should consult an attorney.
  
  Seek Legal Assistance
  
  Contact an attorney and review your mortgage documents. Make sure your loan is not in offense of any laws. If you do not have an attorney, the New York State Bar Association might have the ability to refer you to a suitable attorney for your circumstance.
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  If you can not pay for a private lawyer, resources for complimentary or inexpensive legal assistance consist of:
  
  - 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 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 of complimentary legal provider in New York.