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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
  
  - An Occupant'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.
• 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 homeowners facing foreclosure in New York. A foreclosure is a claim, and house owners ought to seek help from a lawyer or housing therapist in exploring possible legal defenses to the match. Homeowners should also understand their basic rights and obligations highlighted below.
  
  Throughout the Foreclosure Process
  
  You have the right to remain in your home and the duty to preserve your residential or commercial property unless and till a court orders you to vacate. If you desert your home, the plaintiff (bank or mortgage servicer) may be able to foreclose on your residential or commercial property through an expedited procedure in court. To prevent this result, remain in your home and carefully review and respond to files you receive 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 easier for the plaintiff to show 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 a lawyer and may be eligible totally free legal or housing counseling services.
  
  You have a right to be devoid of harassment or foreclosure rip-offs. Strongly consider advice from a lawyer or housing therapist, if offered, 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 avoid foreclosure if you repay your loan completely 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 at least 90 days before a foreclosure fit is submitted informing you that you are in default and at risk of foreclosure. You have the right to check out "loss mitigation" choices that might allow you to keep your home and prevent litigation. The bank or mortgage servicer is required to help you comprehend your loss mitigation choices. If you have sent a finished loss mitigation application, your bank or mortgage servicer should complete its review of your application before continuing with the foreclosure fit.
  
  RPAPL § 1303 has actually been amended to need complainants in foreclosure actions to supply a more specific and valuable notification to customers regarding their rights and commitments throughout the foreclosure process. Specifically, the notice must indicate that property owners deserve to remain in their homes until a foreclosure sale occurs and the responsibility to preserve their residential or commercial property and pay relevant taxes till such time. This section is intended to assist avoid residential or commercial properties from ending up being uninhabited in the very first location. Read the particular language needed by RPAPL § 1303.
  
  RPAPL § 1304 needs mortgage financial institutions to offer customers at least ninety days' notice before commencing a foreclosure action. Currently, this Pre-Foreclosure Notice (" PFN") should include the following language: "As of ___, your mortgage is ___ days in default ... You can treat this default by making the payment of ___ dollars by ___." Unfortunately, customers frequently interpreted this arrangement to mean that as long as the debtor offered the specified quantity by the date defined, the loan would be reinstated. Quite often, the "treatment date" defined in the PFN is the earliest date on which the financial institution can begin a foreclosure action, which is 90 days after sending out the PFN. When the customer waits a complete 90 days to offer the quantity specified, any missed out on 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 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 new law addresses this concern by changing the very first line of the notice to read "Since ____ your mortgage is ____ days and ___ dollars in default." Similarly, it includes language to RPAPL § 1304 which highlights the customer's continuous rights and obligations throughout the foreclosure procedure. Read the brand-new pre-foreclosure notice language.
  
  Once a Foreclosure Action Begins
  
  You deserve to receive a copy of the legal documents in the foreclosure lawsuit when it begins. This is called "service" of the Summons and Complaint. You should react 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 methods. The Answer is your chance to specify your defenses.
  
  You must seek advice from an attorney or housing therapist for aid 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 might result in the loss of the case and your home.
  
  You have a right to request court approval to proceed 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 an obligation to bring all needed documents to the settlement conference. For a basic list of needed documents, visit the Mandatory Settlement Conference information page.
  
  Both celebrations need to work out in "excellent faith", which indicates honestly and relatively. If you stop working to do so, you may lose the opportunity 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 require either celebration to settle.
  
  If you formerly failed to send a Response, you will be given an additional 1 month to do so at the settlement conference.
  
  After Settlement Agreement or Fully Executed Loss Mitigation Agreement
  
  Within 90 days of finalizing 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 disagreement, need to be raised.
  
  You might be accountable for extra taxes if you reach a settlement that consists of debt forgiveness. Consult from a tax professional about any resulting tax effects.
  
  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, subject to specific deadlines. It is necessary to look for help from a legal service provider if you think you are owed a surplus.
  
  If the home is cost less than what you owe, the lending institution may submit an application for a judgment against you for the distinction, known as a shortage judgment. You might deserve 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 issues can offer you suggestions on your options and resources at little or no expense. They might also have the ability to work out with your lender for free and assist you find 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 counselors and legal services at no charge. Call the HOPP hotline at (855) 466-3456 or go to homeownerhelpny.com.
• You can discover a list of approved non-profit housing counselors by county here, on the DFS site.
• 24-Hour support is readily available toll-free on the HOPE NOW hotline at 888-995-HOPE (888-995-4673). HOPE NOW is an alliance of HUD approved counseling representatives, servicers, and financiers that offer free help.
• If you live in New York City, you can likewise call 311.
  
  If you are in a foreclosure lawsuit, you must seek advice from an attorney.
  
  Seek Legal Assistance
  
  Contact a legal representative and review your mortgage documents. Ensure your loan is not in violation of any laws. If you do not have a lawyer, the New york city State Bar Association may have the ability to refer you to a suitable lawyer for your scenario.
  delhi.gov.in
  If you can not afford a personal lawyer, resources totally free or inexpensive legal help include:
  
  - New york city's Homeowner Protection Program (HOPP), which gets in touch with housing therapists and legal services at no cost. Call the HOPP hotline at (855) 466-3456 or visit homeownerhelpny.com.
• The New York State Bar Association's Lawyer Referral and Information Service.
• The Legal Service Corporation site. LawHelp.org, an online directory of complimentary legal company in New York.