More ...
Applications & Filings
Application Fees & Assessments
Pharmacy Benefit Managers
Banks and Trusts
Insurance Agents & Brokers
Insurance Companies
Mortgage Companies
Money Transmitters
Virtual Currency Businesses
More ...
Industry Guidance
Cybersecurity Resource Center
Climate Change
Diversity, Equity and Inclusion
Innovation.
Health Equity.
Enforcement & Discipline.
Circular Letters.
Industry Letters.
Regulatory & Legislative Activities.
Reports & Publications.
Newsroom.
Statements & Comment Letters.
Examinations & Exam Reports.
DFS Annual Reports.
Other Reports.
Interagency MOUs.
Public Hearings.
Weekly Bulletins.
About Us.
Contact Us.
File a Complaint or Appeal.
Careers With DFS.
Newsroom.
Procurement.


Help for Homeowners

- Foreclosure Assistance - Help for Homeowners Facing Foreclosure.

• Find a Housing Counselor.
• If You Fall Behind.
• Know Your .
• 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.
• 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 house owners facing foreclosure in New york city. A foreclosure is a claim, and house owners need to look for help from a lawyer or housing therapist in exploring potential legal defenses to the fit. Homeowners should likewise 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 preserve your residential or commercial property unless and until a court orders you to leave. If you desert 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 prevent this outcome, remain in your home and carefully review and react to documents you receive from the plaintiff or the court in your foreclosure case. A failure to react or appear in court when required to do so could make it easier for the plaintiff to reveal that your residential or commercial property is uninhabited and deserted, which might put you at danger of an accelerated foreclosure.
  
  You have a right to be represented by a lawyer and may be eligible for complimentary legal or housing therapy services.
  
  You have a right to be devoid of harassment or foreclosure scams. Strongly think about seeking advice from an attorney or housing therapist, 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 prevent foreclosure if you repay your loan in full at any time prior to the sale of your home, or if you work out a settlement with the complainant.
  
  Before a Foreclosure Action Begins in Court
  
  You have a right to be informed a minimum of 90 days before a foreclosure match is submitted informing you that you remain in default and at risk of foreclosure. You can check out "loss mitigation" choices that may allow you to keep your home and prevent lawsuits. The bank or mortgage servicer is required to help you comprehend your loss mitigation options. If you have sent a finished loss mitigation application, your bank or mortgage servicer should finish its evaluation of your application before proceeding with the foreclosure suit.
  
  RPAPL § 1303 has actually been changed to require plaintiffs in foreclosure actions to supply a more specific and useful notification to customers concerning their rights and responsibilities during the foreclosure process. Specifically, the notice needs to indicate that property owners deserve to remain in their homes till a foreclosure sale takes place and the commitment to preserve their residential or commercial property and pay relevant taxes until such time. This section is meant to assist prevent residential or commercial properties from ending up being uninhabited in the first place. Read the particular language needed by RPAPL § 1303.
  
  RPAPL § 1304 needs mortgage lenders to provide customers a minimum of ninety days' notice before beginning a foreclosure action. Currently, this Pre-Foreclosure Notice (" PFN") must consist of the following language: "Since ___, your mortgage is ___ days in default ... You can cure this default by making the payment of ___ dollars by ___." Unfortunately, customers typically translated this arrangement to indicate that as long as the customer provided the mentioned amount by the date specified, the loan would be restored. Quite frequently, the "cure date" defined in the PFN is the earliest date on which the creditor can start a foreclosure action, which is 90 days after sending out the PFN. When the customer waits a complete 90 days to offer the quantity defined, any missed payments and associated interest and charges from the intervening months would be contributed 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 attend to the default defined in the PFN.
  
  The brand-new law addresses this concern by amending the first line of the notification to read "Since ____ your mortgage is ____ days and ___ dollars in default." Similarly, it includes language to RPAPL § 1304 which highlights the borrower's ongoing rights and duties throughout the foreclosure procedure. Read the new pre-foreclosure notification language.
  
  Once a Foreclosure Action Begins
  
  You have the right to receive a copy of the legal documents in the foreclosure claim when it starts. 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 actually been personally served, and within 1 month if served on you by other means. The Answer is your opportunity to state your defenses.
  
  You must talk to a lawyer or housing therapist for help in this process.
  
  You have a responsibility to appear at all arranged court appearances. If you stop working to appear, you run the risk of losing essential rights, which could cause the loss of the case and your home.
  
  You have a right to request court authorization to continue without paying court expenses.
  
  At a Compulsory Settlement Conference
  
  You have a right to a description of the nature of the foreclosure action versus you.
  
  Both celebrations have an obligation to bring all essential files to the settlement conference. For a basic list of needed documents, check out the Mandatory Settlement Conference information page.
  
  Both celebrations must work out in "great faith", which indicates truthfully and fairly. If you stop working to do so, you may lose the chance to pursue a court-supervised settlement. If the bank or mortgage servicer stops working to do so, the court may enforce likewise significant charges. Negotiating in good faith does not need either party to settle.
  
  If you previously stopped working to send an Answer, you will be given an additional thirty 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 designation on your residential or commercial property, which cautions people that title to your residential or commercial property remains in dispute, must be raised.
  
  You might be accountable for additional taxes if you reach a settlement that includes financial obligation forgiveness. Seek advice from a tax expert 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 submit an application with the court for the surplus funds, subject to particular due dates. It is essential to look for aid from a legal provider if you believe you are owed a surplus.
  
  If the home is cost less than what you owe, the loan provider might file an application for a judgment versus you for the distinction, referred to as a deficiency judgment. You may deserve to object to the quantity of any deficiency judgment, including interest and penalties.
  
  Get Help! Contact a Not-for-Profit Housing Counselor
  
  Housing therapists that manage foreclosure-related problems can provide you suggestions on your alternatives and resources at little or no charge. They might likewise have the ability to negotiate with your loan provider for free and help you discover complimentary legal services in your location.
  
  Housing therapy resources for New Yorkers include:
  
  - 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 go to homeownerhelpny.com.
• You can find a list of authorized non-profit housing therapists by county here, on the DFS site.
• 24-Hour assistance is readily available 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 provide free support.
• If you reside in New york city City, you can likewise call 311.
  
  If you are in a foreclosure lawsuit, you should consult an attorney.
  
  Seek Legal Assistance
  
  Contact a legal representative and evaluate your mortgage documents. Ensure 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 an appropriate lawyer for your situation.
  home-assistant.io
  If you can not afford a personal lawyer, resources totally free or inexpensive legal support include:
  
  - New York'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.
• 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 totally free legal provider in New York.
  openhab.org