NY suspends mortgages for those in economic hardship

12 Replies

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!

THIS ONLY APPLIES TO FHA INSURED MORTGAGES!!!! PLEASE PEOPLE MUST UNDERSTAND THE DIFFERENCE NOT ALL LOANS FALL UNDER THIS!!!!

Originally posted by @Eddie T. :

THIS ONLY APPLIES TO FHA INSURED MORTGAGES!!!! PLEASE PEOPLE MUST UNDERSTAND THE DIFFERENCE NOT ALL LOANS FALL UNDER THIS!!!!

Please read the article, NY has approved suspending mortgages if you can prove you're having an economic hardship. The FEDERAL GOVERNMENT approved suspending FHA mortgages. This literally just happened a few hours ago.

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.

 

Yes exactly It is more for out of work homeowners, doubt this will help landlords. Especially ones with commercial loans. 

Originally posted by @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.

 

 

Originally posted by @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.

Okay, I got a different view on what I read. 

 

Originally posted by @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.

 

There we go, I fixed it. Just trying to get the correct info out. Thanks for the look.

 

Originally posted by @Eddie T. :
Yes exactly It is more for out of work homeowners, doubt this will help landlords. Especially ones with commercial loans. 

Originally posted by @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.

Yeah, I'm SOL too. Hopefully it can help someone out.

 

Yeah, he gave almost no information on the specifics, but if you read the quotes from Cuomo in your article, you can see he is targeting the W2-style homeowner.  The author of the article makes inferences that are pretty presumptuous, if you ask me.  This is how rumors get started.

We can always hold out hope that Cuomo will remember the beleaguered small business owner in his hand outs, but my experience makes me quite dubious.  

To borrow from a venerable quote: If Cuomo helps out landlords, I'll eat my hat.

Originally posted by @Wesley W. :

Yeah, he gave almost no information on the specifics, but if you read the quotes from Cuomo in your article, you can see he is targeting the W2-style homeowner.  The author of the article makes inferences that are pretty presumptuous, if you ask me.  This is how rumors get started.

We can always hold out hope that Cuomo will remember the beleaguered small business owner in his hand outs, but my experience makes me quite dubious.  

To borrow from a venerable quote: If Cuomo helps out landlords, I'll eat my hat.

I got mixed up in another article about Airbnb fighting for STR relief. There is so much going on. Not like Airbnb or a tax credit can save anything but I'm keeping my fingers crossed.