N.Y. Real Prop. Acts. Law § 1304
"YOU COULD LOSE YOUR HOME TO FORECLOSURE.
PLEASE READ THE FOLLOWING NOTICE CAREFULLY.
Date
Borrower's address
Loan Number:
Property Address:
Dear Borrower(s):
As of ___________, we as your lender or servicer claim that your reverse
mortgage loan is ___ days in default. Under New York State Law, we are
required to send you this notice to inform you that you may be at risk
of losing your home.
We, the lender or servicer of your loan, are claiming that your reverse
mortgage loan is in default because you have not complied with the
following conditions of your loan:
_____ You are not occupying your home as your principal residence
_____ You did not submit the required annual certificate of occupancy
_____ The named borrower on the reverse mortgage has died
_____ You did not pay property taxes
{Servicer name} paid your property taxes for the following
time periods:___________________________
______________________ {quarter/year}
_____ You did not maintain homeowner's insurance
{Servicer name} purchased homeowner's insurance for you on the
following date(s) and for the following cost(s):
____________________________________
_____ You did not pay water/sewer charges
{Servicer name} paid water/sewer charges for you on the
following date(s) and for the following cost(s):
________________________
_____ You did not make required repairs to your home
If the claim is based on your failure to pay property or water and sewer
charges or maintain homeowner's insurance, you can cure this default by
making the payment of $____________ for the advancements we made towards
these payments on your behalf.
You have the right to dispute the claims listed above by contacting us,
by calling ___________ or sending a letter to __________________. This
may include proof of payments made for property taxes or water and sewer
charges or a current declaration page from your insurance company, or
any other proof to dispute the servicer's claim.
If you are in default for failure to pay property charges (property
taxes, homeowner's insurance and/or water/sewer charges) you may qualify
for a grant, loan, or re-payment plan to cure the default balance owed.
If you are in default due to the death of your spouse, you may be
considered an eligible "Non-Borrowing Spouse" under a HUD program which
allows you to remain in your home for the rest of your life.
If you are over the age of 80 and have a long term illness, you may also
qualify for the "At-Risk Extension," which allows you to remain in your
home for one additional year and requires an annual re-certification.
Attached to this notice is a list of government-approved housing counseling agencies and legal services in your area which provide free counseling. You can also call the NYS Office of the Attorney General's Home-owner Protection Program (HOPP) toll-free consumer hotline to be connected to free housing counseling services in your area at 1-855-HOME-456 (1-855-466-3456), or visit their website at http://www.aghomehelp.com. A statewide listing by county is also available at http://www.dfs.ny.gov/consumer/mortg nys np counseling agencies.htm. You may also call your local Department of Aging for a referral or call 311 if you live in New York City.
Qualified free help is available; watch out for companies or people who
charge a fee for these services.
You may also contact us directly at __________ and ask to discuss all
possible options to allow you to cure your default and prevent the foreclosure of your home. While we cannot ensure that a resolution is possible, we encourage you to take immediate steps to try to achieve a resolution. The longer you wait, the fewer options you may have.
If you have not taken any actions to resolve this matter within 90 days
from the date this notice was mailed, we may commence legal action
against you (or sooner if you cease to live in the dwelling as your
primary residence).
If you need further information, please call the New York State Department of Financial Services' toll-free helpline at 877-226-5697 or visit the Department's website at http://www.dfs.ny.gov.
IMPORTANT: You have the right to remain in your home until you receive a
court order telling you to leave the property. If a foreclosure action
is filed against you in court, you still have the right to remain in the
home until a court orders you to leave. You legally remain the owner of
and are responsible for the property until the property is sold by you
or by order of the court at the conclusion of any foreclosure
proceedings. This notice is not an eviction notice, and a foreclosure
action has not yet been commenced against you."
A lender, assignee or mortgage loan servicer of a reverse mortgage
home loan which provides notice to the borrower as required by this
subdivision is not required to provide notice to such borrower with
regard to such loan pursuant to subdivision one of this section.
N.Y. Real Prop. Acts. Law § 1304