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Help for Homeowners
lilo.org
- 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 supplies assistance to homeowners facing foreclosure in New york city. A foreclosure is a suit, and homeowners ought to seek assistance from an attorney or housing therapist in checking out potential legal defenses to the fit. Homeowners must likewise understand their basic rights and responsibilities highlighted below.
  
  Throughout the Foreclosure Process
  
  You have the right to stay in your home and the task to preserve your residential or commercial property unless and till 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 procedure in court. To prevent this outcome, remain in your home and thoroughly evaluation 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 much easier for the plaintiff to show that your residential or commercial property is vacant and deserted, which might put you at threat of an accelerated foreclosure.
  
  You have a right to be represented by an attorney and may be qualified totally free legal or housing therapy services.
  
  You have a right to be free from harassment or foreclosure rip-offs. Strongly think about seeking advice from a lawyer or housing therapist, if readily available, 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 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 notified a minimum of 90 days before a foreclosure match is filed informing you that you remain in default and at risk of foreclosure. You can explore "loss mitigation" choices that may enable you to keep your home and prevent litigation. The bank or mortgage servicer is needed to assist you comprehend your loss mitigation choices. If you have submitted a completed loss mitigation application, your bank or mortgage servicer should complete its review of your application before continuing with the foreclosure match.
  
  RPAPL § 1303 has actually been changed to need complainants in foreclosure actions to supply a more specific and practical notice to customers concerning their rights and responsibilities throughout the foreclosure process. Specifically, the notice must indicate that homeowners have the right to remain in their homes till a foreclosure sale happens and the obligation to maintain their residential or commercial property and pay relevant taxes till such time. This area is planned to help prevent residential or commercial properties from becoming uninhabited in the very first place. Read the specific language required by RPAPL § 1303.
  
  RPAPL § 1304 needs mortgage financial institutions to give borrowers at least ninety days' notice before starting a foreclosure action. Currently, this Pre-Foreclosure Notice (" PFN") must consist of 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 debtor offered the stated quantity by the date specified, the loan would be restored. Quite typically, 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 borrower waits a full 90 days to supply the amount specified, any missed out on payments and associated interest and charges from the intervening months would be contributed to the deficiency. In such a case, the borrower who submits the quantity set forth in the PFN would stay in default due to intervening accruals, in spite of his or her good-faith efforts to deal with the default defined in the PFN.
  
  The brand-new law addresses this concern by amending the first line of the notification to check out "Since ____ your mortgage is ____ days and ___ dollars in default." Similarly, it includes language to RPAPL § 1304 which highlights the customer's continuous rights and responsibilities throughout the foreclosure procedure. Read the brand-new pre-foreclosure notification language.
  
  Once a Foreclosure Action Begins
  
  You have the right to get a copy of the legal documents in the foreclosure suit when it starts. This is known as "service" of the Summons and Complaint. You must 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 need to speak with an attorney or housing therapist for assistance in this procedure.
  
  You have an obligation to appear at all set up court looks. If you stop working to appear, you run the risk of losing crucial rights, which could lead to the loss of the case and your home.
  
  You have a right to request court approval to proceed without paying court costs.
  
  At a Mandatory Settlement Conference
  
  You have a right to a description of the nature of the foreclosure action versus you.
  
  Both parties have an obligation to bring all necessary documents to the settlement conference. For a general list of needed documents, check out the Mandatory Settlement Conference details page.
  
  Both parties need to negotiate in "excellent faith", which indicates truthfully and relatively. If you fail 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 might enforce similarly substantial charges. Negotiating in good faith does not need either celebration to settle.
  
  If you previously stopped working to send a Response, you will be offered an extra 30 days 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 designation on your residential or commercial property, which cautions individuals that title to your residential or commercial property is in conflict, should be raised.
  
  You might be accountable for extra taxes if you reach a settlement that consists of financial obligation forgiveness. Consult from a tax professional about any resulting tax repercussions.
  
  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 very important to look for aid from a legal service company if you believe you are owed a surplus.
  
  If the home is cost less than what you owe, the lending institution may file an application for a judgment versus you for the distinction, referred to as a deficiency judgment. You might deserve to contest the quantity of any deficiency judgment, including interest and charges.
  
  Get Help! Contact a Not-for-Profit Housing Counselor
  
  Housing therapists that handle foreclosure-related problems can offer you recommendations on your options and resources at little or no charge. They may likewise be able to negotiate with your lending institution totally free and help you discover totally free legal services in your location.
  
  Housing counseling resources for New Yorkers consist of:
  
  - New york city'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 go to homeownerhelpny.com.
• You can discover a list of authorized non-profit housing therapists by county here, on the DFS site.
• 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 approved counseling representatives, servicers, and investors that offer complimentary help.
• If you live in New york city City, you can likewise call 311.
  
  If you remain in a foreclosure lawsuit, you ought to consult a lawyer.
  
  Seek Legal Assistance
  
  Contact an attorney and review your mortgage documents. Make sure your loan is not in violation of any laws. If you do not have a lawyer, the New York State Bar Association might have the ability to refer you to a suitable lawyer for your situation.
  propertyradar.com
  If you can not pay for a private attorney, resources totally free or inexpensive legal assistance include:
  
  - New york city's Homeowner Protection Program (HOPP), which links with housing counselors and legal services at no charge. 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. .org, an online directory of totally free legal company in New york city.