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Help for Homeowners
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- Foreclosure Assistance - Help for Homeowners Facing Foreclosure.

• Find a Housing Counselor.
• If You Fall Behind.
• Know Your .
• 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 supplies guidance to homeowners facing foreclosure in New York. A foreclosure is a suit, and house owners should look for help from an attorney or housing therapist in exploring potential legal defenses to the match. Homeowners must also know their general rights and responsibilities highlighted listed below.
  
  Throughout the Foreclosure Process
  
  You have the right to remain in your home and the responsibility 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) may be able to foreclose on your residential or commercial property through an expedited procedure in court. To avoid this outcome, remain in your home and thoroughly 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 required to do so could make it simpler for the plaintiff to reveal that your residential or commercial property is vacant and abandoned, which might put you at threat of an accelerated foreclosure.
  
  You have a right to be represented by an attorney and might be eligible totally free legal or housing counseling services.
  
  You have a right to be devoid of harassment or foreclosure frauds. Strongly think about speaking with a lawyer or housing counselor, if readily available, before signing any papers. 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 completely at any time previous 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 informed at least 90 days before a foreclosure suit is submitted informing you that you are in default and at danger of foreclosure. You deserve to check out "loss mitigation" choices that might allow you to keep your home and prevent lawsuits. The bank or mortgage servicer is needed to help you understand your loss mitigation options. If you have sent a finished loss mitigation application, your bank or mortgage servicer must finish its evaluation of your application before proceeding with the foreclosure match.
  
  RPAPL § 1303 has been changed to require complainants in foreclosure actions to supply a more specific and practical notice to borrowers concerning their rights and commitments throughout the foreclosure procedure. Specifically, the notification needs to suggest that property owners have the right to stay in their homes till a foreclosure sale occurs and the responsibility to preserve their residential or commercial property and pay appropriate taxes up until such time. This area is planned to help prevent residential or commercial properties from ending up being uninhabited in the very first place. Read the particular language needed by RPAPL § 1303.
  
  RPAPL § 1304 requires mortgage creditors to give customers at least ninety days' notice before beginning a foreclosure action. Currently, this Pre-Foreclosure Notice (" PFN") need to include the following language: "Since ___, your mortgage is ___ days in default ... You can treat this default by making the payment of ___ dollars by ___." Unfortunately, debtors often interpreted this provision to suggest that as long as the customer offered the stated amount by the date specified, the loan would be reinstated. On a regular basis, the "treatment date" defined 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 debtor waits a complete 90 days to supply the amount defined, any missed out on payments and associated interest and charges from the intervening months would be included to the shortage. In such a case, the borrower who sends the quantity set forth in the PFN would stay in default due to intervening accruals, regardless of his/her good-faith efforts to resolve the default specified in the PFN.
  
  The brand-new law addresses this issue by modifying the first line of the notification to read "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 obligations throughout the foreclosure procedure. Read the brand-new pre-foreclosure notification language.
  
  Once a Foreclosure Action Begins
  
  You can receive a copy of the legal papers in the foreclosure claim when it begins. This is known as "service" of the Summons and Complaint. You must react to the Summons and Complaint with an "Answer" within 20 days after you have been personally served, and within one month if served on you by other ways. The Answer is your opportunity to mention your defenses.
  
  You ought to talk to a lawyer or housing therapist for assistance in this procedure.
  
  You have a commitment to appear at all scheduled court looks. If you fail 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 continue without paying court costs.
  
  At a Necessary 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 necessary documents to the settlement conference. For a basic list of needed documents, go to the Mandatory Settlement Conference details page.
  
  Both parties must work out in "good faith", which means honestly and relatively. If you stop working 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 impose similarly substantial charges. Negotiating in excellent faith does not need either celebration to settle.
  
  If you previously failed to send a Response, you will be provided an additional 30 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 cautions people that title to your residential or commercial property remains in conflict, need to be lifted.
  
  You may be responsible for additional taxes if you reach a settlement that includes debt forgiveness. Consult 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 necessary to look for help from a legal service provider if you think you are owed a surplus.
  
  If the home is sold for less than what you owe, the lending institution may submit an application for a judgment versus you for the distinction, referred to as a deficiency judgment. You might have the right to object to the amount of any shortage judgment, consisting of interest and charges.
  
  Get Help! Contact a Not-for-Profit Housing Counselor
  
  Housing therapists that handle foreclosure-related concerns can offer you recommendations on your options and resources at little or no charge. They might likewise have the ability to negotiate with your lending institution free of charge and help you discover free legal services in your area.
  
  Housing counseling resources for New Yorkers 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 see homeownerhelpny.com.
• You can discover a list of authorized non-profit housing therapists by county here, on the DFS website.
• 24-Hour support 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 representatives, servicers, and financiers that supply totally free assistance.
• If you reside in New York City, you can also call 311.
  
  If you remain in a foreclosure court case, you ought to speak with a lawyer.
  
  Seek Legal Assistance
  
  Contact a legal representative and examine your mortgage documents. Make certain your loan is not in violation of any laws. If you do not have a lawyer, the New york city State Bar Association might have the ability to refer you to a suitable lawyer for your circumstance.
  
  If you can not manage a private attorney, resources for totally free or low-cost legal support consist of:
  
  - New York's Homeowner Protection Program (HOPP), which gets in touch with housing counselors and legal services at no cost. 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 site. LawHelp.org, an online directory site of complimentary legal company in New York.