WRO Update on Measures to Prevent Evictions and Mortgage Foreclosures During the Pandemic
In the wake of the current Covid-19 pandemic, various measures have been adopted impacting on both eviction and mortgage obligations. New initiatives and measures are being introduced and discussed by governments and individual banks and landlords on an ongoing basis, so be sure to investigate your own individual situation carefully.
Evictions & Utility Shut-Off:
Additionally, lawmakers in New York have introduced legislation banning evictions and foreclosures during the pandemic and during future emergency declarations.
New York City also announced a moratorium on evictions. Some New York City landlords have even announced their own pledge vowing to halt evictions for 90 days.
Utility Shut-Offs: Con Edison has suspended shut-offs. See their announcement here.
Department of Social Services:
Still in operation for emergency food stamps
All other services just may take longer for a decision (arrears inquiry or utility assistance)
On Thursday, March 19, 2020, the NY State Department of Financial Services issued a new directive to 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.