From beb14a77e6e895734f31e2c5d79bd9a16534d591 Mon Sep 17 00:00:00 2001 From: Todd Rosser Date: Sat, 21 Jun 2025 08:05:38 +0800 Subject: [PATCH] Add Help for Homeowners: Foreclosure Bill Of Rights --- ...omeowners%3A-Foreclosure-Bill-Of-Rights.md | 105 ++++++++++++++++++ 1 file changed, 105 insertions(+) create mode 100644 Help-for-Homeowners%3A-Foreclosure-Bill-Of-Rights.md diff --git a/Help-for-Homeowners%3A-Foreclosure-Bill-Of-Rights.md b/Help-for-Homeowners%3A-Foreclosure-Bill-Of-Rights.md new file mode 100644 index 0000000..bd550a0 --- /dev/null +++ b/Help-for-Homeowners%3A-Foreclosure-Bill-Of-Rights.md @@ -0,0 +1,105 @@ +
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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](http://mambotours.rs). +- Know Your Rights in Foreclosure. +[- Settlement](https://property-northern-cyprus.com) Conferences
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- A Renter's Rights in Foreclosure. +- Rent-To-Own and Installment Contracts. +- Renter's Insurance
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- 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
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This Residential Foreclosure Actions Consumer Bill of Rights offers assistance to house owners facing foreclosure in New York. A foreclosure is a claim, and property owners ought to seek support from a lawyer or housing therapist in checking out possible legal defenses to the fit. Homeowners should likewise know their basic rights and commitments highlighted below.
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Throughout the Foreclosure Process
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You have the right to remain in your home and the task to keep your residential or commercial property unless and up 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 prevent this outcome, stay in your home and carefully evaluation and react to documents you receive from the plaintiff or the court in your foreclosure case. A failure to respond or appear in court when needed to do so could make it much easier for the complainant to reveal that your residential or commercial property is vacant and deserted, which might put you at threat of a sped up foreclosure.
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You have a right to be represented by a lawyer and may be qualified free of charge legal or housing therapy services.
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You have a right to be devoid of harassment or foreclosure scams. Strongly think about talking to a lawyer 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.
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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 work out a [settlement](https://pms-servicedapartments.com) with the complainant.
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Before a Foreclosure Action Begins in Court
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You have a right to be informed a minimum of 90 days before a foreclosure suit is submitted informing you that you are in default and at threat of foreclosure. You can explore "loss mitigation" [choices](https://seasiderealestate.al) that might permit you to keep your home and avoid litigation. The bank or mortgage servicer is needed to assist you understand your loss mitigation alternatives. If you have submitted a finished loss mitigation application, your bank or mortgage servicer should complete its evaluation of your application before continuing with the foreclosure fit.
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RPAPL § 1303 has actually been amended to need complainants in foreclosure actions to supply a more particular and helpful notice to customers regarding their rights and commitments during the foreclosure process. Specifically, the notice should indicate that house owners can stay in their homes up until a foreclosure sale occurs and the commitment to maintain their residential or commercial property and pay applicable taxes until such time. This area is intended to help avoid residential or commercial properties from ending up being uninhabited in the very first place. Read the particular language required by RPAPL § 1303.
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RPAPL § 1304 requires mortgage financial institutions to offer debtors at least ninety days' notification before starting a foreclosure action. Currently, this Pre-Foreclosure Notice (" PFN") should 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 frequently analyzed this provision to suggest that as long as the borrower offered the specified 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 begin a foreclosure action, which is 90 days after sending out the PFN. When the debtor waits a complete 90 days to supply the amount specified, any missed out on payments and associated interest and charges from the stepping in months would be contributed to the [deficiency](https://fourfrontestates.com). In such a case, the debtor who sends the quantity set forth in the PFN would stay in default due to intervening accruals, regardless of his or her good-faith efforts to attend to the default specified in the PFN.
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The new law addresses this problem by modifying the very first line of the notification to read "Since ____ your mortgage is ____ days and ___ dollars in default." Similarly, it adds language to RPAPL § 1304 which highlights the customer's ongoing rights and obligations throughout the foreclosure procedure. Read the brand-new pre-foreclosure notification language.
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Once a Foreclosure Action Begins
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You deserve to receive a copy of the legal papers in the foreclosure claim when it begins. This is understood as "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 thirty days if served on you by other means. The Answer is your opportunity to state your defenses.
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You ought to talk to an attorney or housing therapist for assistance in this procedure.
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You have a commitment to appear at all arranged court appearances. If you stop working to appear, you risk losing important rights, which might cause the loss of the case and your home.
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You have a right to demand court authorization to continue without paying court costs.
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At a Necessary Settlement Conference
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You have a right to an explanation of the nature of the foreclosure action against you.
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Both parties have a commitment to bring all required files to the settlement conference. For a basic list of required documents, visit the Mandatory Settlement Conference info page.
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Both celebrations need to work out in "great faith", which suggests honestly and fairly. If you stop working to do so, you might lose the opportunity to pursue a court-supervised settlement. If the bank or mortgage servicer fails to do so, the court may impose similarly significant charges. Negotiating in good faith does not require either party to settle.
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If you previously stopped working to send an Answer, you will be offered an extra 30 days to do so at the settlement conference.
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After Settlement Agreement or Fully Executed Loss Mitigation Agreement
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Within 90 days of completing a settlement, the lis pendens classification on your residential or commercial property, which warns people that title to your residential or commercial property remains in conflict, need to be raised.
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You may be accountable for extra taxes if you reach a settlement that includes debt forgiveness. Seek guidance from a tax expert about any resulting tax consequences.
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After Judgment of Foreclosure and Sale
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Upon a judgment of foreclosure and sale, the new owner can look for to evict you from the residential or commercial property.
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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, based on certain due dates. It is necessary to look for help from a legal provider if you believe you are owed a surplus.
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If the home is cost less than what you owe, the lending institution may file an application for a judgment against you for the distinction, known as a shortage judgment. You may have the right to contest the amount of any shortage judgment, including interest and charges.
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Get Help! Contact a Not-for-Profit Housing Counselor
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Housing counselors that [manage foreclosure-related](https://inpattaya.net) concerns can give you recommendations on your options and resources at little or no expense. They may likewise have the ability to work out with your lender for [totally free](https://homesgaterentals.com) and help you discover complimentary legal services in your area.
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Housing counseling resources for New Yorkers consist of:
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- New york city's Homeowner Protection Program (HOPP), which gets in touch with [housing counselors](https://estatedynamicltd.com) and legal services at no expense. Call the HOPP hotline at (855) 466-3456 or go to homeownerhelpny.com. +- You can discover a list of approved non-profit housing counselors by county here, on the DFS website. +- 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 agents, servicers, and investors that offer free support. +- If you live in New York City, you can also call 311.
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If you remain in a foreclosure lawsuit, you need to consult a lawyer.
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Seek Legal Assistance
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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 may have the ability to refer you to a suitable attorney for your situation.
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If you can not pay for a private lawyer, resources totally free or affordable legal help include:
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- New York's Homeowner Protection Program (HOPP), which connects with housing counselors and legal services at no charge. Call the HOPP hotline at (855) 466-3456 or go to homeownerhelpny.com. +- The New York City State Bar Association's Lawyer Referral and Information Service. +- The Legal Service Corporation site. +LawHelp.org, an of totally free legal service suppliers in New York.
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