New York Suspends Mortgage Payments for Some

The state of New York has suspended mortgage payments for some of its residents. Governor Cuomo has announced that he will suspend all payments for 90 days “for borrowers who face financial hardship such as losing their job.” He has also suspended temporarily all foreclosures.

The qualifications are quite vague. I would advise that if you contact your lender to obtain a suspension of mortgage payments, you get any approval in writing, even if there is resistance from the lender to give it.

We will see whether Florida’s Governor does the same for Florida’s consumers who will also be affected by the economic downturn caused by the coronavirus.

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