The real estate market continues to be going through a turbulent. Delinquent payments and the number of homeowners entering foreclosure continue, although the rates are slowing reducing. New York passed a consumer bill of rights to help homeowners who are facing foreclosure.
The consumer bill of rights is part of other new laws enacted by the state to reform the foreclosure process and address the issues with abandoned foreclosures. New York is one of the states with the largest timeline for foreclosure averaging about 1000 days.
The bill informs the homeowners that they have a right during the process, and they are advised to seek legal defense if they face foreclosure in the state. The homeowners are also advised to stay in their homes during the foreclosure process unless a court order is issued — the bill of right states.
“If you abandon your home, the plaintiff (bank or mortgage servicer) may be able to foreclose on your property through an expedited process in court,” the bill of rights continues. “To prevent this outcome, stay in your home and carefully review and respond to documents you receive from the plaintiff or the court in your foreclosure case. A failure to respond or appear in court when required to do so could make it easier for the plaintiff to show that your property is vacant and abandoned, which could put you at risk of an expedited foreclosure.”
The bill mentions that once the loan is repaid at any time before the home is sold, foreclosure should be stopped.
The new bill of rights also requires mortgage services and banks to report all its foreclosed properties to the financial service department, together with quarterly reports on efforts to maintain the property. The violation of this law calls for a $500 civil penalty per day.
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