NY suspends mortgages for those in economic hardship

[Nick Rutkowski]

https://therealdeal.com/2020/03/19/cuomo-suspends-foreclosures-and-mortgage-payments/

What I gathered was if you fall on financial hardship and live in NY you can now ask your bank to modify your mortgage. You can prove you're facing hard times then your lender will change your payments and take them on the end of your mortgage. Hope this helps out some fellow NYers who didn't hear the news yet!

[Wesley W.]

Originally posted by @Nick Rutkowski:

https://therealdeal.com/2020/03/19/cuomo-suspends-foreclosures-and-mortgage-payments/

What I gathered was if you fall on financial hardship and live in NY you can now ask your bank to modify your mortgage. You can prove you're facing hard times such as tenants not paying rent, lost Airbnb revenue, or you lost your job then your lender will change your payments and take them on the end of your mortgage. Hope this helps out some fellow NYers who didn't hear the news yet!

I watched the governor's press conference this morning and that's not what I got from what he said.  He stated that if you were "out of work" and could not pay your mortgage, you would get a 90-day forbearance.  It seems to be catered towards owner-occupants rather than investors.  He did not mention "tenants not paying rent" or "lost AirBnB revenue" in his press conference.