By Colin R. O'Leary
New York Governor Andrew Cuomo has promised homeowners who are financially affected by the Coronavrus pandemic a 90-day moratorium on mortgage payments. The ongoing Coronavirus pandemic has effectively shut down businesses across the state. Many are out of work completely right now, especially wage earners and "gig economy" workers. Others have the flexibility to continue working from home. No one knows what extent this will damage the local economy this year. Many homeowners will inevitably lose unemployment over the situation, most likely leading to an increase in the number of foreclosures properties in 2020.
Governor Cuomo said the state wasn’t exempting people from making the mortgage payments altogether. Rather mortgage terms would be extended to make up for the missed mortgage payments. The governor also mentioned that there would be no late fees or black marks on homeowners’ credit reports if they have to postpone payments due to the crisis. Banks across the country are working with elected officials to adopt similar plans to help effected homeowners.