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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 Adding Coverage.
• Force-Placed Insurance.
• Cancellations and Nonrenewals. - Choosing a Policy.
• Just 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 provides guidance to house owners dealing with foreclosure in New york city. A foreclosure is a suit, and property owners need to seek support from an attorney or housing counselor in checking out possible legal defenses to the fit. Homeowners must likewise know their basic rights and commitments highlighted listed below.
  
  Throughout the Foreclosure Process
  
  You have the right to remain in your home and the duty to keep your residential or commercial property unless and till a court orders you to abandon. If you desert your home, the plaintiff (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 carefully evaluation and react to files you receive from the complainant or the court in your foreclosure case. A failure to react or appear in court when required to do so could make it simpler for the plaintiff to reveal that your residential or commercial property is vacant and deserted, which could put you at risk of a sped up foreclosure.
  
  You have a right to be represented by a lawyer and may be eligible totally free legal or housing counseling services.
  
  You have a right to be devoid of harassment or foreclosure scams. Strongly consider seeking advice from an attorney or housing therapist, if offered, 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 avoid foreclosure if you repay your loan in full 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 alerted a minimum of 90 days before a foreclosure fit is submitted notifying you that you remain in default and at threat of foreclosure. You can explore "loss mitigation" choices that may enable you to keep your home and avoid litigation. The bank or mortgage servicer is needed to help you understand your loss mitigation choices. If you have actually submitted a finished loss mitigation application, your bank or mortgage servicer need to complete its review of your application before continuing with the foreclosure suit.
  
  RPAPL § 1303 has been amended to require complainants in foreclosure actions to offer a more specific and practical notice to borrowers concerning their rights and commitments during the foreclosure process. Specifically, the notice must suggest that homeowners can stay 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 help avoid residential or commercial properties from ending up being vacant in the first location. Read the specific language required by RPAPL § 1303.
  
  RPAPL § 1304 requires mortgage lenders to offer debtors a minimum of ninety days' notification before beginning a foreclosure action. Currently, this Pre-Foreclosure Notice (" PFN") need to consist of 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 translated this provision to suggest that as long as the borrower provided the stated amount by the date specified, the loan would be renewed. On a regular basis, the "treatment date" specified in the PFN is the earliest date on which the lender can start a foreclosure action, which is 90 days after sending the PFN. When the borrower waits a complete 90 days to supply the quantity defined, any missed payments and associated interest and charges from the intervening months would be included to the deficiency. In such a case, the debtor who submits the amount stated in the PFN would stay in default due to intervening accruals, in spite of his/her good-faith efforts to deal with the default specified in the PFN.
  
  The brand-new law addresses this issue by changing the first line of the notice to read "As of ____ your mortgage is ____ days and ___ dollars in default." Similarly, it includes language to RPAPL § 1304 which highlights the customer's ongoing rights and responsibilities throughout the foreclosure procedure. Read the brand-new pre-foreclosure notice language.
  
  Once a Foreclosure Action Begins
  
  You deserve to get a copy of the legal documents in the foreclosure claim when it begins. This is called "service" of the Summons and Complaint. You must respond to the Summons and Complaint with an "Answer" within 20 days after you have been personally served, and within thirty days if served on you by other ways. The Answer is your opportunity to mention your defenses.
  
  You ought to speak with an attorney or housing therapist for aid in this process.
  
  You have a responsibility to appear at all arranged court looks. If you stop working to appear, you run the risk of losing essential rights, which could cause the loss of the case and your home.
  
  You have a right to demand court consent to continue without paying court costs.
  
  At an Obligatory Settlement Conference
  
  You have a right to an explanation of the nature of the foreclosure action versus you.
  
  Both parties have an obligation to bring all necessary files to the settlement conference. For a general list of required documents, visit the Mandatory Settlement Conference info page.
  
  Both parties must work out in "good faith", which indicates truthfully and relatively. If you stop working to do so, you may lose the chance to pursue a court-supervised settlement. If the bank or mortgage servicer stops working to do so, the court may impose similarly substantial penalties. Negotiating in excellent faith does not need either party to settle.
  
  If you formerly stopped working to send an Answer, you will be offered an additional 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 designation on your residential or commercial property, which alerts individuals that title to your residential or commercial property remains in disagreement, should be lifted.
  
  You might be responsible for extra taxes if you reach a settlement that consists of financial obligation forgiveness. Seek suggestions from a tax expert about any resulting tax consequences.
  
  After Judgment of Foreclosure and Sale
  
  Upon a judgment of foreclosure and sale, the 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 due dates. It is essential to look for assistance from a legal provider if you think you are owed a surplus.
  
  If the home is offered for less than what you owe, the lending institution may file an application for a judgment against you for the difference, referred to as a shortage judgment. You may can contest the amount of any deficiency judgment, including 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 cost. They might likewise be able to negotiate with your lending institution totally free and assist you discover totally free legal services in your area.
  
  Housing counseling resources for New Yorkers include:
  
  - New york city's Homeowner Protection Program (HOPP), which gets in touch with housing therapists 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 assistance is available 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 offer totally free assistance.
• If you reside in New york city City, you can likewise call 311.
  
  If you remain in a foreclosure lawsuit, you ought to consult a lawyer.
  
  Seek Legal Assistance
  
  Contact a legal representative and review your mortgage files. Make certain your loan is not in violation of any laws. If you do not have an attorney, the New york city State Bar Association might be able to refer you to a suitable attorney for your circumstance.
  
  If you can not manage a personal attorney, resources for complimentary or affordable legal assistance consist of:
  
  - New york city'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 visit homeownerhelpny.com.
• The New State Bar Association's Lawyer Referral and Information Service.
• The Legal Service Corporation website. LawHelp.org, an online directory site of totally free legal provider in New york city.
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