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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.
Searching for Insurance.
Managing and Mitigating Losses

Residential Foreclosure Actions Consumer Bill of Rights

This Residential Foreclosure Actions Consumer Bill of Rights provides guidance to property owners facing foreclosure in New york city. A foreclosure is a claim, and property owners ought to look for help from a lawyer or housing counselor in exploring possible legal defenses to the suit. Homeowners must also know their basic rights and responsibilities highlighted listed below.

Throughout the Foreclosure Process

You can remain in your home and the task to maintain your residential or commercial property unless and up until a court orders you to vacate. If you desert your home, the plaintiff (bank or mortgage servicer) might have the ability to foreclose on your residential or commercial property through an expedited process in court. To prevent this result, stay in your home and thoroughly evaluation and react to files you get from the plaintiff or the court in your foreclosure case. A failure to react or appear in court when needed to do so could make it simpler for the complainant to reveal that your residential or commercial property is uninhabited and deserted, which might put you at threat of an accelerated foreclosure.

You have a right to be represented by a lawyer and may be qualified for free legal or housing counseling services.

You have a right to be complimentary from harassment or foreclosure frauds. Strongly consider talking to an attorney or housing counselor, if readily available, 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 prevent foreclosure if you repay your loan in full 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 notified at least 90 days before a foreclosure fit is submitted notifying you that you are in default and at risk of foreclosure. You can check out "loss mitigation" choices that may enable 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 sent a finished loss mitigation application, your bank or mortgage servicer need to finish its review of your application before proceeding with the foreclosure fit.

RPAPL § 1303 has been modified to require complainants in foreclosure actions to provide a more specific and helpful notification to debtors concerning their rights and responsibilities during the foreclosure procedure. Specifically, the notice should suggest that homeowners deserve to stay in their homes up until a foreclosure sale occurs and the commitment to preserve their residential or commercial property and pay applicable taxes until such time. This area is intended to assist prevent residential or commercial properties from becoming vacant in the first place. Read the specific language needed by RPAPL § 1303.

RPAPL § 1304 requires mortgage lenders to provide debtors a minimum of ninety days' notification before starting 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, borrowers often interpreted this provision to mean that as long as the borrower offered the mentioned amount by the date specified, the loan would be reinstated. Frequently, the "treatment date" specified in the PFN is the earliest date on which the lender can start a foreclosure action, which is 90 days after sending out the PFN. When the borrower waits a complete 90 days to supply the quantity defined, any missed out on payments and associated interest and costs from the intervening months would be contributed to the shortage. In such a case, the borrower who sends the amount stated in the PFN would remain in default due to intervening accruals, in spite of his/her good-faith efforts to attend to the default defined in the PFN.

The new law addresses this concern by changing the very first line of the notice 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 duties throughout the foreclosure procedure. Read the 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 referred to 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 state your defenses.

You must speak with an attorney or housing counselor for aid in this procedure.

You have a responsibility to appear at all arranged court appearances. If you stop working to appear, you run the risk of losing important rights, which could cause the loss of the case and your home.

You have a right to demand court permission to continue without paying court expenses.

At an Obligatory Settlement Conference

You have a right to a description of the nature of the foreclosure action against you.

Both parties have a responsibility to bring all essential files to the settlement conference. For a general list of required files, check out the Mandatory Settlement Conference information page.

Both celebrations should work out in "great faith", which implies honestly 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 stops working to do so, the court might impose similarly substantial penalties. Negotiating in good faith does not need either celebration to settle.

If you previously stopped working to send an Answer, 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 completing 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 conflict, need to be lifted.

You might be accountable for additional taxes if you reach a settlement that includes debt forgiveness. Seek advice 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 submit an with the court for the surplus funds, based on particular deadlines. It is essential to seek assistance from a legal company if you believe you are owed a surplus.

If the home is offered for less than what you owe, the lender may file an application for a judgment against you for the distinction, understood as a deficiency judgment. You may deserve to object to the quantity of any shortage judgment, including interest and penalties.

Get Help! Contact a Not-for-Profit Housing Counselor

Housing therapists that deal with foreclosure-related concerns can provide you recommendations on your alternatives and resources at little or no charge. They may also have the ability to negotiate with your lender totally free and help you discover complimentary legal services in your location.

Housing counseling resources for New Yorkers consist of:

- 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 check out homeownerhelpny.com.
You can discover a list of authorized non-profit housing counselors by county here, on the DFS website.
24-Hour help 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 representatives, servicers, and financiers that supply free help.
If you live in New York City, you can likewise call 311.

If you are in a foreclosure lawsuit, you need to speak with a lawyer.

Seek Legal Assistance

Contact a lawyer and review your mortgage documents. 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 a suitable attorney for your scenario.

If you can not pay for a private attorney, resources totally free or low-priced legal assistance include:

- 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 check out homeownerhelpny.com.
The New York State Bar Association's Lawyer Referral and Information Service.
The Legal Service Corporation website. LawHelp.org, an online directory site of complimentary legal company in New york city.