Coronavirus Update: New York Clarifies Mortgage Forbearance Applies Does Not Apply To Commercial Mortgages

In Executive Order 202.9, Governor Cuomo ordered that New York licensed or regulated entities offer an opportunity “to any consumer in the State of New York an opportunity for a forbearance of payments for a mortgage for any person or entity facing a financial hardship due to the COVID-19 pandemic.”  On March 24, 2020, the New York State Department of Financial Services issued regulations (3 N.Y.C.R.R § 119) to implement the executive order.  The new regulations clarify that  90-day forbearance relief applies only to residential mortgages, not commercial mortgages  (3 N.Y.C.R.R § 119.3(k)).

In addition, the regulations direct that New York regulated banking organizations will eliminate ATM fees, overdraft fees, and credit card late payment fees.  Banks are required to communicate broadly how to apply for such relief.

Stay safe!

Leave a comment

Filed under Uncategorized

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s