Mortgage and Rent Relief Directive

We are so very pleased that the issues we expressed in our recent op-ed about relief for landlords has been addressed!

We ask that rents for tenants also be deferred so that no one is pressured to work in environments that could increase the spread of Covid 19.

OANA thanks Governor Cuomo for enacting a directive regarding mortgages as follows:

“Governor Cuomo announced that the Department of Financial Services has issued a new directive to New York State mortgage servicers to provide 90-day mortgage relief to mortgage borrowers impacted by the novel coronavirus. The directive includes:

• Waiving mortgage payments based on financial hardship;
• No negative reporting to credit bureaus;
• Grace period for loan modification;
• No late payment fees or online payment fees; and
• Postponing or suspending foreclosures.

Additionally, the Governor has asked DFS to instruct state chartered banks to waive ATM fees, late fees, overdraft fees and fees for credit cards to help lessen the financial hardship of the COVID-19 pandemic on New Yorkers.”

Read here for the original statement.

Making common sense directives to reduce the burden we are all facing with the pandemic makes a positive resolution that much more possible. We thank all our officials, especially the local and stet elected, for taking responsible actions for the betterment of all. Let’s finish the job, and defer the rental payments also!