NY Creates ‘Bill of Rights’ for Residents Facing Foreclosure

ALBANY (AP) -

New York state published Wednesday a “bill of rights” for homeowners facing foreclosure as part of a broader effort to help people struggling to stay in their homes.

The bill of rights reminds residents that they have the right to stay in their home and the duty to maintain it during the foreclosure process. It also lets them know they have a right to be notified before a foreclosure suit is filed.

The state’s Department of Financial Services also completed new rules designed to address a wave of abandoned properties left in the wake of the recent housing crisis. The regulations include a requirement that lenders report vacant properties to the state.