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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 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.
• How Much Insurance Do You Need?
• Problems Obtaining Insurance.
• Flood Insurance.
• Understanding What Affects the Cost.
• Looking for Insurance.
• Managing and Mitigating Losses
  
  Residential Foreclosure Actions Consumer Bill of Rights
  
  This Residential Foreclosure Actions Consumer Bill of Rights provides assistance to house owners facing foreclosure in New york city. A foreclosure is a lawsuit, and homeowners need to look for assistance from a lawyer or housing counselor in checking out potential legal defenses to the fit. Homeowners ought to also understand their basic rights and obligations highlighted below.
  
  Throughout the Foreclosure Process
  
  You have the right to remain in your home and the task to preserve your residential or commercial property unless and until a court orders you to abandon. If you abandon your home, the complainant (bank or mortgage servicer) may have the ability to foreclose on your residential or commercial property through an expedited procedure in court. To avoid this result, stay in your home and carefully review and react to files you get from the plaintiff or the court in your foreclosure case. A failure to respond or appear in court when required to do so could make it easier for the plaintiff to show that your residential or commercial property is vacant and deserted, which could put you at threat of an expedited foreclosure.
  
  You have a right to be represented by an attorney and might be qualified totally free legal or housing therapy services.
  
  You have a right to be complimentary from harassment or foreclosure frauds. Strongly think about speaking with a lawyer or housing counselor, 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 completely at any time previous to the sale of your home, or if you negotiate a settlement with the plaintiff.
  
  Before a Foreclosure Action Begins in Court
  
  You have a right to be informed at least 90 days before a foreclosure fit is filed informing you that you are in default and at risk of foreclosure. You deserve to explore "loss mitigation" alternatives that might allow you to keep your home and prevent litigation. The bank or mortgage servicer is needed to assist you understand your loss mitigation options. If you have submitted a completed loss mitigation application, your bank or mortgage servicer need to finish its evaluation of your application before proceeding with the foreclosure suit.
  
  RPAPL § 1303 has been changed to require complainants in foreclosure actions to supply a more particular and valuable notification to borrowers concerning their rights and obligations during the foreclosure process. Specifically, the notification needs to suggest that house owners deserve to remain in their homes until a foreclosure sale occurs and the responsibility to preserve their residential or commercial property and pay applicable taxes up until such time. This area is meant to help prevent residential or commercial properties from becoming uninhabited in the very first place. Read the specific language needed by RPAPL § 1303.
  
  RPAPL § 1304 needs mortgage financial institutions to give borrowers a minimum of ninety days' notice before starting a foreclosure action. Currently, this Pre-Foreclosure Notice (" PFN") need to consist of the following language: "As of ___, your mortgage is ___ days in default ... You can cure this default by making the payment of ___ dollars by ___." Unfortunately, debtors frequently interpreted this arrangement to imply that as long as the debtor provided the stated quantity by the date specified, the loan would be reinstated. Quite often, the "remedy 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 the PFN. When the borrower waits a full 90 days to supply the quantity defined, any missed out on payments and associated interest and charges from the stepping in months would be included to the shortage. In such a case, the borrower who sends the quantity 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 problem by modifying the first line of the notification to check out "As of ____ your mortgage is ____ days and ___ dollars in default." Similarly, it adds language to RPAPL § 1304 which highlights the debtor's ongoing rights and responsibilities throughout the foreclosure process. Read the new pre-foreclosure notification language.
  
  Once a Foreclosure Action Begins
  
  You have the right to receive a copy of the legal papers in the foreclosure claim 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 30 days if served on you by other ways. The Answer is your chance to specify your defenses.
  
  You need to seek advice from a lawyer or housing counselor for aid in this process.
  
  You have an obligation to appear at all arranged court looks. If you fail to appear, you risk losing important rights, which might result in the loss of the case and your home.
  
  You have a right to demand court consent to continue without paying court costs.
  
  At a Mandatory 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 needed files to the settlement conference. For a basic list of needed files, visit the Mandatory Settlement Conference info page.
  
  Both celebrations need to work out in "great faith", which means 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 fails to do so, the court may impose similarly significant penalties. Negotiating in excellent faith does not require either party to settle.
  
  If you formerly stopped working to submit a Response, you will be given 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 alerts people that title to your residential or commercial property remains in disagreement, must be raised.
  
  You might be accountable for extra taxes if you reach a settlement that includes financial obligation 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 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 submit an application with the court for the surplus funds, subject to particular due dates. It is crucial to look for assistance from a legal service supplier if you think you are owed a surplus.
  
  If the home is offered for less than what you owe, the lender might file an application for a judgment against you for the distinction, referred to as a shortage judgment. You may can contest the amount of any deficiency judgment, including interest and charges.
  
  Get Help! Contact a Not-for-Profit Housing Counselor
  
  Housing counselors that handle foreclosure-related concerns can give you guidance on your choices and resources at little or no cost. They may likewise be able to negotiate with your lending institution for totally free and help you discover totally free legal services in your location.
  
  Housing therapy resources for New Yorkers include:
  
  - New york city's Homeowner Protection Program (HOPP), which links with housing therapists and legal services at no charge. Call the HOPP hotline at (855) 466-3456 or visit homeownerhelpny.com.
• You can find a list of approved non-profit housing counselors by county here, on the DFS site.
• 24-Hour support is available toll-free on the HOPE NOW hotline at 888-995-HOPE (888-995-4673). HOPE NOW is an alliance of HUD approved counseling agents, servicers, and investors that offer totally free help.
• If you reside in New York City, you can also call 311.
  
  If you remain in a foreclosure lawsuit, you should consult a lawyer.
  
  Seek Legal Assistance
  
  Contact an attorney and review your mortgage files. Ensure your loan is not in infraction of any laws. If you do not have an attorney, the New york city State Bar Association might be able to refer you to an appropriate attorney for your situation.
  
  If you can not manage a personal attorney, resources free of charge or inexpensive legal help include:
  
  - New york city's Homeowner Protection Program (HOPP), which gets in touch with housing counselors and legal services at no expense. Call the HOPP hotline at (855) 466-3456 or visit 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 of free legal service companies in New York.