New York State Mortgage Relief

[BG2008]

Does anyone have more detail on this news? 

 

The Governor also announced the Department of Financial Services has issued a new directive to New York State mortgage servicers to provide 90-day mortgage relief to mortgage borrowers impacted by the novel coronavirus. 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.

 

Do we call the banks directly?  The Corona Virus has been a very different event than 2008/2009 GFC in that many hard working blue collar employees/renters kept working through it.  If you took the time to lease your rentals to good people, you winded up with 99% occupancy during this time.  I have been hearing from many of my relatives, who own 2-4 family residential buildings, that they are getting requests from tenants to postpone rent which affects their ability to pay their mortgage.  Traditionally, these are some of the most reliable tenants and the workforce housing is the cheapest in the NYC area.  If anyone has any details on the 90 day mortgage relief, it will be very helpful for us and all others have a mortgage in NY State. 

 

This time around, the white collar folks/office workers have had more time to adjust as there is typically contingency plans in place to work from home.