New York Governor Andrew Cuomo (Photo by Bruce Bennett/Getty Images)
New York has suspended mortgage payments for some of its residents.
Here’s what you need to know.
New York Governor Andrew Cuomo announced today at a press conference in Albany that he will suspend mortgage payments for 90 days for borrowers who face financial hardship such as losing their job. The announcement is intended to provide financial relief for those impacted by the coronavirus.
“This is a real-life benefit,” Cuomo said. “People are under tremendous economic pressure. Making a mortgage payment can be one of the number one stressors. Eliminating that stressor for 90 days, I think, will go a long way.”
Cuomo said he will also temporarily postpone or suspend foreclosures, and he will waive fees for ATMs, credit cards and overdrafts.
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