New York was hit really hard by the Coronavirus — in response the state has reportedly suspended mortgage payments for some of its residents, in addition to ceasing the collection of student and medical debt for the time being.
“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,” Forbes states, adding “The announcement is intended to provide financial relief for those impacted by the coronavirus.”
“This is a real-life benefit,” Cuomo reportedly commented during the conference, before going on to say “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.” He’s absolutely right about that!
Cuomo also temporarily suspended foreclosures, in addition to waiving ATM and credit card fees, the site reports. We’re hoping these courtesies stretch nationwide soon.