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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.
• Searching for Insurance.
• Managing and Mitigating Losses
  
  Residential Foreclosure Actions Consumer Bill of Rights
  
  This Residential Foreclosure Actions Consumer Bill of Rights supplies guidance to property owners dealing with foreclosure in New York. A foreclosure is a suit, and homeowners should seek assistance from a lawyer or housing counselor in checking out potential legal defenses to the fit. Homeowners ought to likewise know their basic rights and responsibilities highlighted listed below.
  
  Throughout the Foreclosure Process
  
  You deserve to remain in your home and the responsibility to keep your residential or commercial property unless and up until 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 prevent this result, remain in your home and thoroughly evaluation and react to files you get from the complainant or the court in your foreclosure case. A failure to respond or appear in court when needed to do so could make it much easier for the to show that your residential or commercial property is uninhabited and abandoned, which could put you at danger of an expedited foreclosure.
  
  You have a right to be represented by an attorney and might be qualified for free legal or housing therapy services.
  
  You have a right to be devoid of harassment or foreclosure frauds. Strongly consider talking to an attorney or housing counselor, if readily available, before signing any documents. 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 prevent foreclosure if you repay your loan completely at any time prior to the sale of your home, or if you negotiate 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 suit is submitted notifying you that you remain in default and at threat of foreclosure. You have the right to explore “loss mitigation” alternatives that might allow you to keep your home and avoid lawsuits. The bank or mortgage servicer is needed to help you comprehend your loss mitigation options. If you have actually submitted a completed loss mitigation application, your bank or mortgage servicer must complete its evaluation of your application before proceeding with the foreclosure match.
  
  RPAPL § 1303 has actually been amended to need plaintiffs in foreclosure actions to provide a more specific and useful notice to debtors regarding their rights and responsibilities throughout the foreclosure process. Specifically, the notification should show that property owners deserve to stay in their homes till a foreclosure sale happens and the commitment to maintain their residential or commercial property and pay applicable taxes till such time. This section is planned to assist avoid residential or commercial properties from ending up being uninhabited in the very first place. Read the specific language needed by RPAPL § 1303.
  
  RPAPL § 1304 needs mortgage lenders to offer customers 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, borrowers often analyzed this arrangement to indicate that as long as the customer provided the mentioned quantity by the date specified, the loan would be reinstated. On a regular basis, the “remedy date” specified in the PFN is the earliest date on which the financial institution can start a foreclosure action, which is 90 days after sending out the PFN. When the borrower waits a full 90 days to supply the quantity defined, any missed out on payments and associated interest and costs from the intervening months would be included to the deficiency. In such a case, the debtor who submits the quantity set forth in the PFN would stay in default due to intervening accruals, regardless of his or her good-faith efforts to address the default defined in the PFN.
  
  The brand-new law addresses this problem by changing the first line of the notice to check out “As of ____ your mortgage is ____ days and ___ dollars in default.” Similarly, it adds language to RPAPL § 1304 which highlights the customer’s continuous rights and responsibilities throughout the foreclosure procedure. Read the new pre-foreclosure notification language.
  
  Once a Foreclosure Action Begins
  
  You deserve to get a copy of the legal papers in the foreclosure lawsuit when it begins. This is referred to as “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 thirty days if served on you by other means. The Answer is your chance to mention your defenses.
  
  You should talk to an attorney or housing counselor for help in this process.
  
  You have a commitment to appear at all scheduled court appearances. If you stop working to appear, you run the risk of losing essential 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 a Compulsory Settlement Conference
  
  You have a right to an explanation of the nature of the foreclosure action versus you.
  
  Both celebrations have a commitment to bring all essential documents to the settlement conference. For a general list of needed documents, visit the Mandatory Settlement Conference info page.
  
  Both parties should negotiate in “great faith”, which implies truthfully and relatively. 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 enforce similarly significant penalties. Negotiating in great faith does not require either celebration to settle.
  
  If you previously stopped working to submit a Response, 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 designation on your residential or commercial property, which cautions individuals that title to your residential or commercial property is in dispute, need to be lifted.
  
  You might be accountable for extra taxes if you reach a settlement that consists of debt forgiveness. Seek guidance from a tax professional about any resulting tax consequences.
  
  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, based on certain due dates. It is essential to look for assistance from a legal company if you believe 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 might have the right to contest the quantity of any shortage judgment, including interest and charges.
  
  Get Help! Contact a Not-for-Profit Housing Counselor
  
  Housing counselors that deal with foreclosure-related concerns can provide you suggestions on your choices and resources at little or no expense. They might likewise be able to work out with your lending institution free of charge and help you find free legal services in your location.
  
  Housing therapy resources for New Yorkers 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 check out homeownerhelpny.com.
• You can discover a list of approved non-profit housing therapists by county here, on the DFS website.
• 24-Hour help is offered toll-free on the HOPE NOW hotline at 888-995-HOPE (888-995-4673). HOPE NOW is an alliance of HUD authorized counseling agents, servicers, and financiers that provide totally free assistance.
• If you reside in New york city City, you can likewise call 311.
  
  If you are in a foreclosure lawsuit, you ought to seek advice from a lawyer.
  
  Seek Legal Assistance
  
  Contact a lawyer and review your mortgage documents. Make sure your loan is not in offense of any laws. If you do not have a lawyer, the New york city State Bar Association might be able to refer you to a suitable lawyer for your circumstance.
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  If you can not afford a personal attorney, resources free of charge or low-cost legal assistance 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 see 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 totally free legal service companies in New york city.
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