Mortgage payments and foreclosures in the State of New York will be suspended for a 90-day period in light of the coronavirus pandemic 🙏🏾
In a press conference from Albany, New York Gov. Andrew Cuomo announced that mortgage payments will be deferred based on financial hardship, and foreclosures will be suspended or postponed for three months. There will be also be a grace period for loan modification, no negative reporting to credit bureaus and no late or online payment fees during the period. Cuomo called the decision a “bold but necessary” action that would provide a “real-life economic benefit, and be a stress reliever for many families.”
“If you are not working, or working only part-time, we will have banks and financial institutions waive mortgage payments for 90 days. We’re not exempting people from the mortgage payments. We’re just adjusting the mortgage to include those payments on the back end.”
The measures will be reassessed at the end of the 90-day period, Cuomo said.
On Wednesday President Donald Trumpn announced that the Department of Housing and Urban Development will suspend all of its foreclosures and evictions through April in response to the pandemic.