Governor Cuomo is offering 90-day relief on mortgage payments waiving mortgage payments based on financial hardship, meaning if you are not working if you’re working on a part-time basis.
Governor Cuomo stated, “we’re going to have the banks and financial institutions wave mortgage payments for 90 days. That will be a real-life economic benefit and will also be a stress reliever for many families. Waiving these payments will not have an adverse effect on your credit report. There be a grace period for a loan modification. We’re not exempting people from the mortgage payments were just adjusting the mortgage to include those payments on the back end, no late fees or online payment fees, postponing, or suspending any foreclosures during this period of time, and waiving fees for overdrafts ATM credit cards this is a real-life benefit people in the tremendous economic pressure making a mortgage payment can be one of the number one stressors eliminating that stressor for 90 days.”
The directive includes:
- Waiving mortgage payments based on financial hardship;
- No negative reporting to credit bureaus;
- Grace period for loan modification;
- No late payment fees or online payment fees; and
- Postponing or suspending foreclosures.
Additionally, the Governor has asked DFS to instruct state-chartered banks to waive ATM fees, late fees, overdraft fees and fees for credit cards to help lessen the financial hardship of the COVID-19 pandemic on New Yorkers.