Governor Cuomo made a wise move today with the announcement that mortgage payments will be waived along with late fees and suspending foreclosures for 90 days for people who have been laid off or who are otherwise facing financial hardships due to the outbreak. I was among those urging the Governor’s Office to take this action.
We know people are experiencing tremendous economic pressure due to #COVID19.
To help, NYS will direct mortgage payments be WAIVED for 90 days based on financial hardship (w/ no late fees & no negative impact on credit).
We will help New Yorkers suffering financially.
— Andrew Cuomo (@NYGovCuomo) March 19, 2020
We are waiting on specifics but he said “If you are not working, or working only part-time, we will have banks and financial institutions waive mortgage payments for 90 days.” This move will take a lot of stress of the backs off hardworking New Yorkers who have been laid-off or are working reduced hours.