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Cuomo issues directive calling for 90-day mortgage payment moratorium

Waivers would be available for those suffering financial hardship

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For homeowners who have suffered a massive loss of income in recent weeks because of the coronavirus pandemic, there may be some relief coming your way.

Gov. Andrew Cuomo has directed New York state mortgage servicers to provide relief to mortgage borrowers for the next 90 days who have been affected in some way by the virus that leads to COVID-19. That includes waiving mortage payments based on financial hardship, no negative reporting to credit bureaus, a grade period for loan modifications, the removal of late payment or online payment fees, postponing foreclosures.

"We know what we have to do to contain the spread of the virus — reduce density and person-to-person contact," Cuomo said, according to a released. "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."

That includes a new directive on Thursday demanding companies with in-office employees to reduce such locational staffing by 75 percent, compared to a 50 percent staffing mandate issued just days before.

"We know there is goign 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," Cuomo said. "It's going to be hard. It's going to be disruptive. But we will get through this together."

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