Help for Homeowners: Foreclosure Bill Of Rights
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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 offers assistance to house owners facing foreclosure in New York. A foreclosure is a claim, and house owners must look for assistance from an attorney or housing counselor in exploring possible legal defenses to the suit. Homeowners must also understand their general rights and commitments highlighted below.

    Throughout the Foreclosure Process

    You have the right to remain in your home and the duty to maintain your residential or commercial property unless and up until a court orders you to vacate. If you abandon 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 result, stay in your home and thoroughly review and respond to documents you receive from the complainant or the court in your foreclosure case. A failure to respond or appear in court when required to do so could make it much easier for the complainant to show that your residential or commercial property is uninhabited and deserted, which might put you at danger of an expedited foreclosure.

    You have a right to be represented by an attorney and may be eligible for totally free legal or housing therapy services.

    You have a right to be devoid of harassment or foreclosure rip-offs. Strongly consider seeking advice from an attorney or housing therapist, if readily available, before signing any documents. 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 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 alerted at least 90 days before a foreclosure suit is submitted notifying you that you are in default and at risk of foreclosure. You can explore "loss mitigation" options that may enable you to keep your home and avoid litigation. The bank or mortgage servicer is needed to assist you understand your loss mitigation choices. If you have sent a finished loss mitigation application, your bank or mortgage servicer need to complete its evaluation of your application before proceeding with the foreclosure fit.

    RPAPL § 1303 has actually been modified to need plaintiffs in foreclosure actions to offer a more particular and valuable notification to customers regarding their rights and responsibilities during the foreclosure procedure. Specifically, the notice should indicate that homeowners have the right to stay in their homes up until a foreclosure sale happens and the commitment to keep their residential or commercial property and pay appropriate taxes until such time. This section is intended to assist avoid residential or commercial properties from ending up being uninhabited in the first location. Read the particular language needed by 1303.

    RPAPL § 1304 needs mortgage lenders to provide borrowers a minimum of ninety days' notification before starting a foreclosure action. Currently, this Pre-Foreclosure Notice (" PFN") should include the following language: "Since ___, your mortgage is ___ days in default ... You can treat this default by making the payment of ___ dollars by ___." Unfortunately, borrowers frequently interpreted this arrangement to indicate that as long as the customer offered the stated amount by the date defined, the loan would be reinstated. On a regular basis, the "remedy date" specified in the PFN is the earliest date on which the lender can begin a foreclosure action, which is 90 days after sending the PFN. When the debtor waits a full 90 days to provide the quantity defined, any missed payments and associated interest and costs from the intervening months would be contributed to the deficiency. In such a case, the debtor who sends the amount stated in the PFN would stay in default due to intervening accruals, despite his/her good-faith efforts to address the default defined in the PFN.

    The brand-new law addresses this problem by modifying the very first line of the notification to read "Since ____ your mortgage is ____ days and ___ dollars in default." Similarly, it adds language to RPAPL § 1304 which highlights the borrower's ongoing rights and responsibilities throughout the foreclosure procedure. Read the brand-new pre-foreclosure notification language.

    Once a Foreclosure Action Begins

    You can get a copy of the legal documents in the foreclosure lawsuit when it starts. This is called "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 1 month if served on you by other ways. The Answer is your opportunity to state your defenses.

    You need to talk to an attorney or housing counselor for aid in this process.

    You have a commitment to appear at all arranged court looks. If you fail to appear, you risk losing crucial rights, which might lead to the loss of the case and your home.

    You have a right to request court authorization to proceed without paying court costs.

    At an Obligatory Settlement Conference

    You have a right to a description of the nature of the foreclosure action against you.

    Both celebrations have a responsibility to bring all needed documents to the settlement conference. For a basic list of required documents, check out the Mandatory Settlement Conference info page.

    Both celebrations should work out in "great faith", which suggests honestly 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 fails to do so, the court may enforce similarly considerable penalties. Negotiating in good faith does not need either party to settle.

    If you previously failed to submit an Answer, you will be offered an additional 30 days 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 warns people that title to your residential or commercial property remains in conflict, must be raised.

    You might be accountable for additional taxes if you reach a settlement that includes financial obligation forgiveness. Consult from a tax expert about any resulting tax effects.

    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 particular deadlines. It is essential to seek assistance from a legal company if you believe you are owed a surplus.

    If the home is sold for less than what you owe, the lender might submit an application for a judgment against you for the difference, called a shortage judgment. You may deserve to object to the amount of any shortage judgment, including interest and charges.

    Get Help! Contact a Not-for-Profit Housing Counselor

    Housing counselors that manage foreclosure-related problems can give you advice on your choices and resources at little or no expense. They may likewise have the ability to work out with your lender for totally free and assist you find complimentary 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 check out homeownerhelpny.com.
  • You can discover a list of authorized non-profit housing counselors by county here, on the DFS website.
  • 24-Hour assistance 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 investors that offer totally free help.
  • If you reside in New york city City, you can likewise call 311.

    If you remain in a foreclosure court case, you ought to seek advice from an attorney.

    Seek Legal Assistance

    Contact an attorney and evaluate your mortgage files. Make certain your loan is not in offense of any laws. If you do not have an attorney, the New york city State Bar Association may have the ability to refer you to an appropriate lawyer for your circumstance.

    If you can not pay for a personal attorney, resources totally free or affordable legal assistance 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.
  • The New York 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.