§ 1304. Required prior notices. 1. Notwithstanding any other provision\nof law, with regard to a home loan, at least ninety days before a\nlender, an assignee or a mortgage loan servicer commences legal action\nagainst the borrower, or borrowers at the property address and any other\naddress of record, including mortgage foreclosure, such lender, assignee\nor mortgage loan servicer shall give notice to the borrower in at least\nfourteen-point type which shall include the following:\n "YOU MAY BE AT RISK OF FORECLOSURE. PLEASE READ THE FOLLOWING NOTICE\n CAREFULLY"\n "As of ___, your home loan is ___ days and ___ dollars in default.\nUnder New York State Law, we are required to send you this notice to\ninform you that you are at risk of losing your home.\n Attached to this notice is a list of government approved housing\ncounseling agencies in your area which provide free counseling. You can\nalso call the NYS Office of the Attorney General's Homeowner Protection\nProgram (HOPP) toll-free consumer hotline to be connected to free\nhousing counseling services in your area at 1-855-HOME-456\n(1-855-466-3456), or visit their website at http://www.aghomehelp.com/.\nA statewide listing by county is also available at\nhttp://www.dfs.ny.gov/consumer/mortg nys np counseling agencies.htm.\nQualified free help is available; watch out for companies or people who\ncharge a fee for these services.\n Housing counselors from New York-based agencies listed on the website\nabove are trained to help homeowners who are having problems making\ntheir mortgage payments and can help you find the best option for your\nsituation. If you wish, you may also contact us directly at __________\nand ask to discuss possible options.\n While we cannot assure that a mutually agreeable resolution is\npossible, we encourage you to take immediate steps to try to achieve a\nresolution. The longer you wait, the fewer options you may have.\n If you have not taken any actions to resolve this matter within 90\ndays from the date this notice was mailed, we may commence legal action\nagainst you (or sooner if you cease to live in the dwelling as your\nprimary residence.)\n If you need further information, please call the New York State\nDepartment of Financial Services' toll-free helpline at (show number) or\nvisit the Department's website at (show web address).\n IMPORTANT: You have the right to remain in your home until you receive\na court order telling you to leave the property. If a foreclosure action\nis filed against you in court, you still have the right to remain in the\nhome until a court orders you to leave. You legally remain the owner of\nand are responsible for the property until the property is sold by you\nor by order of the court at the conclusion of any foreclosure\nproceedings. This notice is not an eviction notice, and a foreclosure\naction has not yet been commenced against you.\n 1-a. Notwithstanding any other provision of law, with regard to a\nreverse mortgage home loan, at least ninety days before a lender, an\nassignee or a mortgage loan servicer commences legal action against the\nborrower or borrowers at the property address and any other addresses of\nrecord, including reverse mortgage foreclosure, such lender, assignee or\nmortgage loan servicer shall give notice to the borrower in at least\nfourteen-point type except for the heading which shall be in at least\nsixteen-point type which shall include the following:\n "YOU COULD LOSE YOUR HOME TO FORECLOSURE.\n PLEASE READ THE FOLLOWING NOTICE CAREFULLY.\nDate\nBorrower's address\nLoan Number:\nProperty Address:\nDear Borrower(s):\nAs of ___________, we as your lender or servicer claim that your reverse\nmortgage loan is ___ days in default. Under New York State Law, we are\nrequired to send you this notice to inform you that you may be at risk\nof losing your home.\nWe, the lender or servicer of your loan, are claiming that
‹ Prev All New York sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.