Law Office of Ronald D. Weiss, P.C.

Overview of Foreclosure Bill of Rights for New York Homeowners

Reports indicate that in the third quarter of 2016, the average foreclosure case in New York took an average of 1,070 days to resolve. Homeowners are dragged through the wringer and subjected to delays and unproductive settlement conferences as they ride the emotional roller coaster of not knowing whether they will lose their homes.

To help clarify the foreclosure process and to protect homeowners from banks or mortgage servicers that may try to take advantage of them, the New York Department of Financial Services (NYDFS) has adopted and published a Residential Foreclosure Actions Consumer Bill of Rights. The following is an overview of the rights included in this Bill of Rights.

Throughout the Process:

• Right to remain in the home during the foreclosure case
• Right to have representation by an attorney and possibly qualify for free assistance if needed
• Right to be free from foreclosure fraud, scams, or harassment by a mortgage servicer or another party
• Right to submit full payment or to agree to a settlement with the mortgage servicer at any time before the house is sold to avoid foreclosure.

Before a Case is Filed:
Right to receive proper notice of default and of a possible foreclosure at least 90 days before a case is filed in court;

Right to examine with a bank whether there are any possible loss mitigation options that can help avoid foreclosure, such as short sale, loan modification, or deed in lieu of foreclosure.

During Your Case:

• Right to receive notice that a case has been filed and receive the petition
• Right to answer the petition with legal defenses within a certain (short) period of time
• Right to participate in settlement conferences, court hearings, and any other proceedings

These are only some examples of what is included in the consumer Bill of Rights and there are also rights during settlement conferences, after a loss mitigation or settlement agreement, and after a foreclosure judgment and sale.

Consult with a Long Island Foreclosure Defense Attorney Today

Having a skilled New York foreclosure defense lawyer representing you is critical to protect your rights before, during, and after foreclosure. Call the Law Office of Ronald D. Weiss, P.C. at 631-479-2455 for more information about how we can help you.

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