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simpli.com
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

- A Renter'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.
Shopping for Insurance.
Managing and Mitigating Losses

Residential Foreclosure Actions Consumer Bill of Rights

This Residential Foreclosure Actions Consumer Bill of Rights offers assistance to property owners facing foreclosure in New York. A foreclosure is a suit, and homeowners need to seek help from an attorney or housing therapist in checking out possible legal defenses to the fit. Homeowners must also understand their general rights and commitments highlighted below.

Throughout the Foreclosure Process

You deserve to stay in your home and the duty to preserve your residential or commercial property unless and up until a court orders you to abandon. If you desert your home, the plaintiff (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, remain in your home and carefully evaluation and react to documents 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 risk of an accelerated foreclosure.

You have a right to be represented by an attorney and might be eligible free of charge legal or housing therapy services.

You have a right to be complimentary from harassment or foreclosure rip-offs. Strongly think about talking to an attorney or housing counselor, 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 work out a settlement with the plaintiff.

Before a Foreclosure Action Begins in Court

You have a right to be alerted at least 90 days before a foreclosure match is filed notifying you that you are in default and at danger of foreclosure. You can check out "loss mitigation" options 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 actually submitted a completed loss mitigation application, your bank or mortgage servicer must finish its review of your application before proceeding with the foreclosure suit.

RPAPL § 1303 has actually been changed to need plaintiffs in foreclosure actions to offer a more particular and useful notice to debtors regarding their rights and obligations throughout the foreclosure process. Specifically, the notification should indicate that homeowners can remain in their homes up until a foreclosure sale happens and the responsibility to preserve their residential or commercial property and pay applicable taxes until such time. This area is meant to help prevent residential or commercial properties from becoming vacant in the very first location. Read the particular language needed by RPAPL § 1303.

RPAPL § 1304 needs mortgage creditors to provide debtors at least ninety days' notice before beginning 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, customers frequently interpreted this provision to indicate that as long as the customer supplied the mentioned amount by the date specified, the loan would be restored. Frequently, the "cure 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 customer waits a full 90 days to supply the quantity defined, any missed payments and associated interest and fees from the intervening months would be included to the deficiency. In such a case, the borrower who submits the quantity stated in the PFN would stay in default due to stepping in accruals, regardless of his or her good-faith efforts to address the default specified in the PFN.

The brand-new law addresses this problem by changing the first line of the notification to read "As of ____ your mortgage is ____ days and ___ dollars in default." Similarly, it adds language to RPAPL § 1304 which highlights the debtor's continuous rights and obligations throughout the foreclosure process. Read the brand-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 suit when it starts. This is called "service" of the Summons and Complaint. You need to 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 methods. The Answer is your opportunity to mention your defenses.

You ought to consult with a lawyer or housing counselor for assistance in this process.

You have a responsibility to appear at all set up 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 demand court permission to continue 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 a responsibility to bring all needed files to the settlement conference. For a general list of required documents, check out the Mandatory Settlement Conference information page.

Both parties should work out in "good faith", which indicates honestly and fairly. If you fail to do so, you might lose the chance to pursue a court-supervised settlement. If the bank or mortgage servicer fails to do so, the court may enforce likewise substantial penalties. Negotiating in excellent faith does not need either celebration to settle.

If you previously stopped working to submit a Response, you will be offered an additional thirty 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 remains in disagreement, need to be lifted.

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 repercussions.

After Judgment of Foreclosure and Sale

Upon a judgment of foreclosure and sale, the new owner can look for to evict you from the residential or .

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 certain deadlines. It is important to seek aid from a legal company if you think you are owed a surplus.

If the home is cost less than what you owe, the lending institution might submit an application for a judgment versus you for the difference, called a deficiency judgment. You might 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 handle foreclosure-related issues can provide you recommendations on your options and resources at little or no expense. They might likewise be able to negotiate with your loan provider for free and assist you find complimentary legal services in your area.

Housing therapy 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 cost. Call the HOPP hotline at (855) 466-3456 or visit homeownerhelpny.com.
You can find a list of approved non-profit housing therapists by county here, on the DFS site.
24-Hour support 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 agents, servicers, and financiers that provide totally free support.
If you reside in New york city City, you can likewise call 311.

If you remain in a foreclosure lawsuit, you should speak with an attorney.

Seek Legal Assistance

Contact an attorney and review your mortgage files. Make sure your loan is not in offense of any laws. If you do not have an attorney, the New York State Bar Association may have the ability to refer you to a proper lawyer for your circumstance.

If you can not pay for a private attorney, resources free of charge or affordable legal support include:

- New york city's Homeowner Protection Program (HOPP), which connects with housing therapists and legal services at no cost. 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 website. LawHelp.org, an online directory site of free legal provider in New york city.