For many people, the coronavirus pandemic has meant far more than sickness; it has also meant extreme economic uncertainty. If you are a homeowner, you may find yourself falling behind on mortgage payments due to the COVID-19 pandemic, or maybe you are just scraping by. No matter your situation, you must continue reading and speak with our experienced New York foreclosure defense attorney to learn more about the resources and actions NYS has taken to help those having trouble paying off their mortgage during this difficult time. Here are some of the questions you may have:
What steps has New York State taken to protect homeowners from foreclosure due to COVID-19 complications?
The coronavirus pandemic has virtually entirely changed the way we live our lives. Unfortunately, in many cases, the COVID-19 pandemic has shut businesses down and prevented hard-working individuals from being able to pay off their mortgages or pay their rent. In response to this, months ago Governor Cuomo issued an executive order placing a moratorium on foreclosures related to COVID-19 complications. This moratorium is still in effect, and it will stay in effect until it is either lifted by the New York State Unified Court System, or by the Governor himself.
What additional COVID-related assistance are mortgage servicers offering in New York State?
Fortunately, Governor Cuomo’s executive order was not the only assistance homeowners received. As of April 2020, the New York State Attorney General requested mortgage lenders to take the following steps to provide financial aid to homeowners within the state:
- Waive certain late fees.
- Place homeowners in a 90-day forbearance period if they miss a payment, even if this period was not explicitly requested by the homeowner.
- Provide a full explanation of options for after the forbearance period has expired.
- Ensure that mortgage servicing companies have all of the necessary resources to handle all borrowers’ questions and requests.
- Give homeowners permission to renew their forbearance period for up to one year, as long as they can prove that they are enduring a COVID-related economic hardship.
- Inform homeowners of each of their options after their forbearance period has expired.
Though NYS has done a lot to help homeowners facing COVID-related financial issues, for some, it is not enough. If you have any additional questions or you need the assistance of a knowledgeable Rockland County foreclosure defense attorney, give our firm a call today.
CONTACT OUR EXPERIENCED ROCKLAND COUNTY FIRM
Here at The Law Offices of David M. Katz, P.C., we understand how frightening the prospect of losing your home due to foreclosure can be. For this very reason, our experienced attorneys have dedicated decades of our professional careers working to help those facing foreclosure stay in their homes and move on with their lives. Contact our firm for the experienced, compassionate guidance you deserve and need.