COVID-19 Relief Law - New York Suspends Mortgage Payments

5/11/2020
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New York Governor Andrew Cuomo announced several relief initiatives to combat the financial troubles New York residents are facing during COVID-19.

Mortgage Payments

New York will begin the suspension of mortgage payments for ninety (90) days for borrowers who face financial hardship such as losing their job.

Foreclosure Proceedings

In addition to suspending mortgage payments, New York will also temporarily postpone or suspend foreclosures for the immediate future, specifically the Sheriffs' Sale or Eviction phases of the foreclosure. It is presumed all other phases of the Foreclosure including the Complaint and final judgment will be allowed to proceed.

Waiver of "Fee" Payments

New York announced a state-wide waiver fees for ATMs, credit cards and overdrafts.

Student Loan and Medical Debt Payments

The final initiative New York announced is the halting of collection of student loan debt. The halt, which will last until at least April 15, 2020 and also will include collection of medical debt.

Please do not hesitate to contact our firm with any questions, Fazzio Law is in your corner.

Category: COVID-19 Relief Law

Labels: 'COVID-19' 'New York' 'Foreclosure' 'Relief'

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