From 196a7114ddc022b90ff541320bdfc4c81ca2205d Mon Sep 17 00:00:00 2001 From: stephantroy351 Date: Sun, 22 Jun 2025 00:58:52 +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..35d67dc --- /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. +- Know Your Rights in Foreclosure. +- Settlement Conferences
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- An [Occupant's](https://www.redmarkrealty.com) 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. +- How Much Insurance Do You Need? +- Problems Obtaining Insurance. +- Flood Insurance. +- Understanding What Affects the Cost. +- Looking for Insurance. +- Managing and Mitigating Losses
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Residential Foreclosure Actions Consumer Bill of Rights
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This Residential Foreclosure Actions Consumer Bill of Rights offers assistance to property owners facing foreclosure in New York. A [foreclosure](https://asmauburn.com) is a suit, and house owners ought to seek support from a lawyer or housing counselor in exploring prospective legal defenses to the fit. Homeowners must likewise understand their general rights and obligations highlighted listed below.
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Throughout the Foreclosure Process
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You can remain in your home and the duty to keep your residential or commercial property unless and until a court orders you to abandon. If you abandon your home, the complainant (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 result, remain in your home and thoroughly review and react to documents you get from the complainant 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 show that your residential or commercial property is vacant and deserted, which might put you at danger of an accelerated foreclosure.
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You have a right to be represented by a lawyer and might be eligible free of charge legal or housing counseling services.
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You have a right to be free from harassment or foreclosure scams. Strongly consider consulting with a lawyer or housing counselor, 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.
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You have a right to prevent foreclosure if you repay your loan in complete at any time previous to the sale of your home, or if you negotiate a settlement with the plaintiff.
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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 fit is filed notifying you that you remain in [default](https://onestopagency.org) and at threat of foreclosure. You deserve to explore "loss mitigation" options that might permit you to keep your home and prevent litigation. The bank or mortgage servicer is needed to help you understand your loss mitigation options. If you have submitted a finished loss mitigation application, your bank or mortgage servicer should complete its review of your application before proceeding with the foreclosure fit.
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RPAPL § 1303 has actually been modified to require complainants in foreclosure actions to supply a more particular and helpful notice to debtors concerning their rights and obligations during the foreclosure procedure. Specifically, the notification should indicate that property owners can remain in their homes till a foreclosure sale takes place and the obligation to maintain their residential or commercial property and pay relevant taxes until such time. This area is meant to assist prevent residential or commercial properties from ending up being uninhabited in the first location. Read the particular language needed by RPAPL § 1303.
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RPAPL § 1304 needs mortgage creditors to offer borrowers a minimum of ninety days' notification before commencing a foreclosure action. Currently, this Pre-Foreclosure Notice (" PFN") need to include the following language: "As of ___, your mortgage is ___ days in default ... You can treat this default by making the payment of ___ dollars by ___." Unfortunately, debtors typically analyzed this arrangement to imply that as long as the debtor offered the specified quantity by the date specified, the loan would be [renewed](https://www.grandemlak.com). Frequently, the "treatment date" defined 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 borrower waits a complete 90 days to offer the amount defined, any missed payments and associated interest and fees from the intervening months would be contributed to the deficiency. In such a case, the borrower who submits the [quantity stated](https://novavistaholdings.com) in the PFN would stay in default due to stepping in accruals, regardless of his/her [good-faith efforts](https://preconcentral.com) to address the default specified in the PFN.
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The new law addresses this issue 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 §](https://www.rumahq.id) 1304 which highlights the debtor's continuous rights and responsibilities 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 can 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 must respond to the Summons and Complaint with an "Answer" within 20 days after you have actually been personally served, and within one month if served on you by other methods. The Answer is your chance to specify your defenses.
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You must talk to a lawyer or housing therapist for assistance in this process.
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You have a responsibility to appear at all scheduled court looks. If you fail to appear, you run the risk of losing essential rights, which could lead to the loss of the case and your home.
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You have a right to demand court to proceed without paying court expenses.
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At a Mandatory 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 an obligation to bring all essential files to the settlement conference. For a general list of needed files, visit the Mandatory Settlement Conference details page.
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Both parties need to negotiate in "excellent faith", which implies honestly and relatively. If you stop working to do so, you might lose the [opportunity](https://bomja.ir) to pursue a court-supervised settlement. If the bank or mortgage servicer stops working to do so, the court may impose likewise considerable penalties. Negotiating in excellent faith does not require either party to settle.
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If you previously failed to send a Response, you will be provided an additional 1 month 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 settling a settlement, the lis pendens designation on your residential or [commercial](https://www.bgrealtylv.com) property, which warns people that title to your residential or commercial property remains in conflict, need to be lifted.
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You might be accountable for extra taxes if you reach a settlement that consists of financial obligation forgiveness. Consult from a tax professional 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, subject to certain due dates. It is very important to look for help from a legal company if you think 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 deficiency judgment. You might have the right to contest the quantity of any deficiency judgment, consisting of interest and penalties.
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Get Help! Contact a Not-for-Profit Housing Counselor
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Housing counselors that deal with foreclosure-related problems can offer you recommendations on your options and resources at little or no charge. They might also be able to negotiate with your lender free of charge and help you find 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 and legal services at no expense. 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 site. +- 24-Hour help is readily available 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 free support. +- If you reside in New york city City, you can likewise call 311.
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If you remain in a [foreclosure](https://stayandhomely.com) lawsuit, you must seek advice from a lawyer.
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Seek Legal Assistance
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Contact an attorney and [evaluate](https://www.phoenixpropertymanagement.co.nz) your mortgage documents. Ensure your loan is not in violation 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 an appropriate attorney for your situation.
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If you can not afford a personal lawyer, resources for totally free or affordable legal support consist of:
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- 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 City State Bar Association's Lawyer Referral and Information Service. +- The Legal Service Corporation site. +LawHelp.org, an online directory of free legal provider in New york city.
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