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phoenixcommercialproperty.com
Help for Homeowners

- 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 .
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.
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 homeowners dealing with foreclosure in New york city. A foreclosure is a suit, and house owners ought to look for help from a lawyer or housing therapist in exploring prospective legal defenses to the suit. Homeowners must also know their general rights and obligations highlighted listed below.

Throughout the Foreclosure Process

You have the right to remain in your home and the responsibility to preserve your residential or commercial property unless and up until a court orders you to leave. If you abandon your home, the plaintiff (bank or mortgage servicer) might have the ability to foreclose on your residential or commercial property through an expedited procedure in court. To avoid this outcome, remain in your home and thoroughly review and react to files 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 complainant to reveal that your residential or commercial property is uninhabited and deserted, which could put you at danger of an accelerated foreclosure.

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

You have a right to be free from harassment or foreclosure frauds. Strongly think about seeking advice from an attorney or housing therapist, if 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 avoid 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 complainant.

Before a Foreclosure Action Begins in Court

You have a right to be notified at least 90 days before a foreclosure match is filed notifying you that you are in default and at danger of foreclosure. You can explore "loss mitigation" alternatives that may allow you to keep your home and prevent litigation. The bank or mortgage servicer is required to assist you comprehend your loss mitigation alternatives. If you have actually submitted a completed loss mitigation application, your bank or mortgage servicer must finish its review of your application before continuing with the foreclosure fit.

RPAPL § 1303 has actually been changed to need plaintiffs in foreclosure actions to provide a more particular and useful notification to debtors concerning their rights and responsibilities during the foreclosure process. Specifically, the notification needs to show that property owners have the right to stay in their homes up until a foreclosure sale happens and the responsibility to preserve their residential or commercial property and pay suitable taxes till such time. This area is meant to help avoid residential or commercial properties from ending up being uninhabited in the first location. Read the specific language required by RPAPL § 1303.

RPAPL § 1304 needs mortgage creditors to offer customers a minimum of ninety days' notification before beginning a foreclosure action. Currently, this Pre-Foreclosure Notice (" PFN") should 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, debtors typically interpreted this provision to mean that as long as the customer offered the stated amount by the date specified, the loan would be restored. Quite often, the "treatment date" specified in the PFN is the earliest date on which the creditor can start a foreclosure action, which is 90 days after sending the PFN. When the debtor waits a full 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. In such a case, the customer who sends the amount set forth in the PFN would remain in default due to intervening accruals, in spite of his/her good-faith efforts to resolve the default specified in the PFN.

The new law addresses this concern by modifying the very first line of the notice to read "Since ____ your mortgage is ____ days and ___ dollars in default." Similarly, it adds language to RPAPL § 1304 which highlights the borrower's continuous rights and obligations throughout the foreclosure procedure. Read the new pre-foreclosure notice language.

Once a Foreclosure Action Begins

You deserve to get a copy of the legal papers in the foreclosure lawsuit when it begins. This is known as "service" of the Summons and Complaint. You need to respond 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 need to seek advice from an attorney or housing counselor for assistance in this process.

You have an obligation to appear at all arranged court appearances. If you stop working to appear, you run the risk of losing important rights, which might lead to the loss of the case and your home.

You have a right to demand court authorization to continue without paying court costs.

At a Mandatory Settlement Conference

You have a right to an explanation of the nature of the foreclosure action versus you.

Both parties have a commitment to bring all necessary files to the settlement conference. For a general list of needed files, check out the Mandatory Settlement Conference info page.

Both celebrations need to negotiate in "good faith", which indicates 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 fails to do so, the court may enforce likewise considerable charges. Negotiating in excellent faith does not require either party to settle.

If you formerly stopped working to submit an Answer, you will be offered an additional one month 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 classification on your residential or commercial property, which warns people that title to your residential or commercial property remains in conflict, need to be lifted.

You might be accountable for extra taxes if you reach a settlement that consists of 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 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, based on particular due dates. It is essential to seek assistance from a legal provider if you believe you are owed a surplus.

If the home is sold for less than what you owe, the lending institution may file an application for a judgment versus you for the difference, referred to as a deficiency judgment. You may deserve to contest the amount of any deficiency judgment, including interest and penalties.

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

Housing counselors that handle foreclosure-related issues can give you advice on your choices and resources at little or no charge. They might also be able to work out with your loan provider totally free and help you discover complimentary legal services in your location.

Housing counseling resources for New Yorkers 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 check out homeownerhelpny.com.
You can find a list of authorized non-profit housing counselors 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 authorized counseling agents, servicers, and financiers that provide totally free support.
If you live in New york city City, you can likewise call 311.

If you are in a foreclosure court case, you should speak with a lawyer.

Seek Legal Assistance

Contact a legal representative and evaluate your mortgage documents. Ensure your loan is not in infraction of any laws. If you do not have an attorney, the New York State Bar Association may be able to refer you to a suitable attorney for your situation.

If you can not pay for a personal lawyer, resources free of charge or low-cost legal help 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 visit homeownerhelpny.com.
The New York State Bar Association's Lawyer Referral and Information Service.
The Legal Service Corporation site. LawHelp.org, an online directory site of totally free legal company in New york city.