On March 19, New York Governor Andrew Cuomo announced that mortgage payments will be waived for the next 90 days due to financial losses caused by COVID-19, the novel coronavirus.
Banks and financial institutions have been required to suspend mortgage payments in New York based on financial hardship — meaning, for those who are either working part-time or unemployed. If you’re a member of either group, the waiver won’t affect your credit report negatively or result in late fees or foreclosures.
Cuomo also ordered banks to waive fees on overdrafts, ATMs and credit cards.
Brent Weiss, CFP, who works as chief evangelist of Facet Wealth, says that this is a good first step to mitigating financial stress. “When we look at the biggest expenses for individuals and families, housing — either rent or homeownership — is at the top of the list. Suspending payments or modifying payment terms is likely the best solution to help everyday Americans weather this per… Read More