Governor Cuomo Announces 90-Day Mortgage Relief for New Yorkers

NEW YORK -
Governor Andrew Cuomo holds a press briefing on Coronavirus. (Darren McGee- Office of Governor Andrew M. Cuomo)

Governor Andrew M. Cuomo announced 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, a grace period for loan modification, no late payment fees or online payment fees, and postponing or suspending foreclosures.

The Governor also asked the Department of Financial Services (DFS) to instruct state chartered banks to waive ATM fees, late fees, overdraft fees and fees for credits cards to help lessen the financial hardship of the COVID-19 pandemic on New Yorkers.

“We know what we have to do to contain the spread of this virus —reduce density and person to person contact — and based on new facts we are getting every day, we’re taking further steps to keep more New Yorkers at home while keeping essential services running,” Governor Cuomo said. “At the same time, we know there is going to be an economic impact across the state and we are taking new actions to support the thousands of New Yorkers and small businesses who are suffering. It’s going to be hard, it’s going to be disruptive, but we will get through this together.”