New York State Directs Mortgage Payments to be Waived
Home-owners will get mortgage relief thanks to Governor Cuomo.
"It's going to be hard, it's going to be disruptive, but we will get through this together." ~ Governor Andrew M. Cuomo
Governor Andrew Cuomo instructed the Department of Financial Services to issue a new directive to New York State mortgage companies to waive payments for 90-days for those suffering from financial hardship due to coronavirus, according to the State of New York website.
Governor Cuomo's directive includes the 90 day moratorium, as well as the following:
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.