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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.
• 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 homeowners facing foreclosure in New york city. A foreclosure is a lawsuit, and homeowners must seek help from an attorney or housing therapist in checking out potential legal defenses to the suit. Homeowners should also understand their basic rights and responsibilities highlighted listed below.
  
  Throughout the Foreclosure Process
  
  You deserve to remain in your home and the duty to maintain 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) might have the ability to foreclose on your residential or commercial property through an expedited process in court. To prevent this outcome, remain in your home and thoroughly evaluation 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 required to do so might make it easier for the complainant to reveal that your residential or commercial property is vacant and deserted, which might put you at risk of an accelerated foreclosure.
  
  You have a right to be represented by a lawyer and may be qualified totally free legal or housing therapy services.
  
  You have a right to be devoid of harassment or foreclosure frauds. Strongly think about seeking advice from a lawyer or housing therapist, if available, 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 prevent 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 notified a minimum of 90 days before a foreclosure fit is submitted informing you that you are in default and at risk of foreclosure. You deserve to check out "loss mitigation" choices 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 sent a completed loss mitigation application, your bank or mortgage servicer must finish its review of your application before proceeding with the foreclosure fit.
  
  RPAPL § 1303 has been changed to need plaintiffs in foreclosure actions to offer a more specific and helpful notification to debtors regarding their rights and obligations during the foreclosure process. Specifically, the notice needs to show that house owners have the right to remain in their homes till a foreclosure sale happens and the obligation to preserve their residential or commercial property and pay suitable taxes up until such time. This area is planned to assist prevent residential or commercial properties from ending up being vacant in the very first location. Read the particular language needed by RPAPL § 1303.
  
  RPAPL § 1304 requires mortgage lenders to provide customers at least ninety days' notice before commencing a foreclosure action. Currently, this Pre-Foreclosure Notice (" PFN") need to include the following language: "As of ___, your mortgage is ___ days in default ... You can cure this default by making the payment of ___ dollars by ___." Unfortunately, borrowers typically interpreted this provision to imply that as long as the customer provided the specified quantity by the date defined, the loan would be restored. On a regular basis, the "treatment date" specified in the PFN is the earliest date on which the creditor 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 specified, any missed payments and associated interest and costs from the stepping in months would be included to the shortage. In such a case, the borrower who submits the amount set forth in the PFN would stay in default due to intervening accruals, regardless of his or her good-faith efforts to attend to the default specified in the PFN.
  
  The brand-new law addresses this problem by modifying 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 borrower's continuous rights and responsibilities throughout the foreclosure process. Read the brand-new pre-foreclosure notice language.
  
  Once a Foreclosure Action Begins
  
  You deserve to receive 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 been personally served, and within 30 days if served on you by other methods. The Answer is your opportunity to mention your defenses.
  
  You ought to talk to a lawyer or housing therapist for assistance 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 might lead to the loss of the case and your home.
  
  You have a right to demand court approval to proceed without paying court expenses.
  
  At an Obligatory 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 necessary documents to the settlement conference. For a basic list of needed files, check out the Mandatory Settlement Conference information page.
  
  Both parties should work out in "good faith", which means honestly and fairly. If you fail 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 enforce similarly substantial charges. Negotiating in good faith does not require either celebration to settle.
  
  If you formerly stopped working to send an Answer, you will be offered an extra one 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 warns individuals that title to your residential or commercial property is in disagreement, must be raised.
  
  You might be accountable for additional taxes if you reach a settlement that includes financial obligation forgiveness. Seek advice 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 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, subject to specific due dates. It is very important to look for aid from a legal service company if you believe you are owed a surplus.
  
  If the home is sold for less than what you owe, the loan provider may submit an application for a judgment versus you for the distinction, called a deficiency judgment. You might can object to the quantity of any shortage judgment, consisting of interest and charges.
  
  Get Help! Contact a Not-for-Profit Housing Counselor
  
  Housing therapists that manage foreclosure-related problems can give you recommendations on your choices and resources at little or no charge. They might also have the ability to negotiate with your lender for totally free and help you discover free legal services in your location.
  
  Housing counseling 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 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 assistance is readily 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 investors that supply complimentary help.
• If you live in New York City, you can also call 311.
  
  If you remain in a foreclosure court case, you need to speak with an attorney.
  
  Seek Legal Assistance
  
  Contact an attorney and evaluate your mortgage documents. 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 have the to refer you to a suitable lawyer for your situation.
  miamicondoinvestments.com
  If you can not pay for a private attorney, resources free of charge or low-priced legal support include:
  
  - New York's Homeowner Protection Program (HOPP), which links with housing counselors and legal services at no expense. 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 website. LawHelp.org, an online directory of free legal service suppliers in New York.
  athensapartments.org